Qatar Energy acquires 50% of Total solar project in Iraq, 29 OCT

Qatar Energy acquires 50% of Total solar project in Iraq

Economy News – Baghdad

Qatar Energy Company, one of the world’s largest suppliers of liquefied natural gas, announced on Monday that it had agreed to buy a 50% stake in the Total Energis solar energy project in Iraq, which has a maximum production capacity of 1.25 gigawatts.

In a statement issued by Qatar Energy, Qatar added that the French energy giant will retain the remaining 50% stake in the project, which is part of Iraq’s $27 billion integrated gas growth project, without disclosing the size of the deal.

The “Integrated Gas Growth Project in Iraq” initiative aims to boost electricity supply in Iraq, including by preserving gas in three oil fields instead of burning it with the aim of using it to supply power plants, which helps reduce the Iraqi import bill. The initiative also includes renewable energy projects.

Iraq currently imports between a third and 40% of its electricity and gas needs from Iran, but it still suffers from widespread power outages, especially in the hot summer months when the demand for energy for cooling is rising.

Qatar Energy said that the solar energy project, which will be phased to become operational between 2025 and 2027, “will be able to

When completed to save up to 1.25 gigawatts in peak of solar-generated electricity,” the project will include the use of “two million dual-sided, high-efficiency solar panels.”

The company added that the project “will be able to supply electricity to about 350,000 homes in the Basra area.”

Qatar Energy joined last year to an alliance to implement the “Integrated Gas Growth in Iraq” project with a 25% stake, along with Total Energy 45 percent, and Basra Oil Company 30%.