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FinancialNews
18-04-23
ACWA Power to Build 1,000MW Solar Power Plant in Iraq
(MENAFN) Saudi energy firm ACWA Power has announced its plan to establish the first-ever clean energy project in Iraq, a 1,000 megawatt solar power plant in Najaf city in Central Iraq. The joint venture project is expected to enhance renewable energy opportunities in the country and improve the reliability of the electrical networks in both Saudi Arabia and Iraq. The Iraqi electricity minister, Ziad Fadel, disclosed that PowerChina has also been awarded a contract to construct a 250 MW solar power facility in Iraq. The project will be developed in Najaf city, which is about 160 km south of the capital, Baghdad.
It is worth noting that the announcement of the project came shortly after the Saudi Energy Minister, Prince Abdulaziz bin Salman, held talks with the visiting Iraqi electricity minister on recent developments on a project that will link the two countries’ power networks. During the meeting, both ministers explored opportunities for cooperation between the Kingdom and Iraq in renewable energy, with a particular emphasis on the capabilities of ACWA Power and its contribution to the development of future projects in Iraq.
The partnership between Saudi Arabia and Iraq is expected to achieve economic savings, enhance optimal energy exchange, and attract investment in electricity generation projects. The ministers also discussed sharing the Kingdom’s expertise in the field of smart meters and opportunities for Saudi companies to join forces with their Iraqi counterparts in developing infrastructure for smart meters.
This development is significant, as Iraq has been struggling with power shortages and an unreliable electricity supply, and it is hoped that the ACWA Power project will be a catalyst for renewable energy adoption in the country. Additionally, French oil major TotalEnergies recently invited ACWA Power to develop a 1 gigawatt solar power plant to supply electricity to the Basrah regional grid, further highlighting the growing interest in renewable energy in Iraq.
This move is also a reflection of the deepening ties between Saudi Arabia and Iraq, as Prince Faisal bin Farhan, the Kingdom’s foreign minister, emphasized during a visit to Baghdad earlier this year. Prince Faisal highlighted the importance of Iraq's role in strengthening stability in the region and acknowledged the growing momentum in relations between the two countries.
MENAFN18042023000045014228ID1106029924
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