Iraq and US sign MoUs to develop 27GW power projects

GlobalData

Thu, Apr 10, 2025, 7:30 AM 1 min read

Iraq has signed memoranda of knowing (MOUs) with the US to make powerfulness plants and an integrated star vigor task successful Iraq, according to the Iraqi premier minister's media bureau announcement.

This improvement comes arsenic Iraq, a cardinal subordinate of the Organization of Petroleum Exporting Countries, seeks to diversify its vigor sources and trim its reliance connected Iranian powerfulness imports, arsenic reported by Reuters.

Under the archetypal of the MoU, GE Vernova volition make combined-cycle state powerfulness plants with a combined capableness of 24GW.

This inaugural represents the largest and astir modern task successful Iraq's history, with the imaginable to unafraid outer financing from planetary banks.

Iraq's Ministry of Electricity and US-based UGT Renewables signed the 2nd MoU to make a 3GW star vigor task with the proviso of artillery retention systems of up to 500 megawatt hours (MWh).

The MoU besides encompasses the modernisation of powerfulness transmission and organisation networks and the constitution of up to 1,000km of caller high-voltage nonstop existent transmission infrastructure.

A two-year programme focused connected exertion transfer, training, cognition and attraction is besides included successful the MoU.

The task volition person enactment from the Export-Import Bank of the United States and UK Export Finance, with JP Morgan serving arsenic the pb arranger.

A 3rd MOU, signed betwixt the Iraqi Chambers of Commerce and the US Chamber of Commerce, focuses connected fostering private-sector practice and supporting tiny and medium-sized enterprises.

In March 2025, the US Department of State did not renew the sanctions waiver, which allows powerfulness imports from Iran. Iraq could look energy shortages pursuing its expiration.