Iraq Initiates Renewable Energy Projects Worth $6bn

OPEC producer Iraq has initiated investment opportunities in renewable energy worth around $6 billion to reduce its dependence on conventional fuels and tackle a persistent power crisis, according to its oil minister.

“Iraq is accelerating its shift toward clean energy. The projects awarded target the generation of 10,000 megawatts (MW) of renewable energy to be added to the national grid,” Ziad Fadhil said.

The minister said several foreign firms have been awarded renewable energy contracts over the past few years, including France’s TotalEnergies, China’s PowerChina and UAE-based Masdar.

By 2030, the government aims to generate 12 gigawatts (GW) of clean power through large-scale solar and wind projects in partnership with large foreign companies.

“This initiative falls within Iraq’s broader plan to modernize its energy infrastructure and achieve energy security,” he added.

He also noted that the Central Bank of Iraq continues to implement its renewable energy program, offering loans of up to 30 million Iraqi dinars ($21,000) for residential units at low or no interest.

Iraq remains among the Arab states least reliant on sustainable energy, with renewable sources accounting for just 1.17 percent of its electricity by the end of 2024. Officials said this year planned solar projects could boost that share to 20 percent over the next few years.