QatarEnergy acquires 50% of TotalEnergies' solar project in Iraq

QatarEnergy - one of the top suppliers of LNG in the world - announced on Monday that it has agreed to purchase a 50% share in TotalEnergies’ 1,25 Gigawatt solar power project in Iraq.

QatarEnergy, in a press release, said that the French energy giant would retain the remaining 50% of the project. The project is part of Iraq’s $27 billion Gas Growth Integrated Project.

The GGIP initiative aims at improving Iraq's electric supply. This includes recovering flared gases from three oilfields, and using them to power power plants. The initiative also includes projects involving renewable energy.

Iraq imports up to 40% of its electricity and natural gas from Iran. However, the country continues to experience widespread power outages, particularly during summer when cooling is a major concern.

QatarEnergy stated that the solar project will be developed and brought online in phases between 2025-2027. It will produce up to 1,25 GW of power at its peak, using 2,000,000 bifacial panels.

The company said that it will be able to provide electricity for about 350,000 homes within the oil-rich Basra Region in southern Iraq.

QatarEnergy joined a consortium last year to implement the GGIP with a 25% share, while TotalEnergies held the remaining 45% stake and Iraq's Basra Oil Company 30% stake. (Reporting by Federico Maccioni; Editing by Helen Popper)

(source: Reuters)