Ziad Ali Fadel, Iraq's Minister of Electricity, chaired a strategic meeting with the Emirati company, Masdar, to move forward with the establishment of solar energy projects totaling 1,000 megawatts for the first phase.
The meeting was attended by several advisors and general directors. The Minister stated that this meeting is a continuation of previous discussions where many obstacles were addressed, and solutions were found to complete the contracts and initiate implementation.
Detailed and in-depth discussions took place to start the mechanisms of this important diversification in energy production. The Minister explained that there are pivotal points to be resolved and recommendations to be submitted to the Ministerial Energy Council and the Cabinet. This includes amending some decisions in favor of signing the project, such as tax exemptions according to the Investment Law.
The head of the company's delegation expressed optimism about working with the Ministry, thanking them for the facilitations provided. The company is ready to proceed with the implementation, pending finalization of the loan agreement mechanism and the selection of the executing company. Responsibilities and commitments of relevant government entities, such as the Ministry of Finance and the National Investment Commission (NIC), will be determined in accordance with Iraqi laws and regulations.
During the session, the financial and commercial model of the company was requested for study purposes. Other topics discussed included the authorization for opening the account, the selection of the technical consulting entity for the project, and discussions on the implementation, connection, and power purchase agreements. The meeting addressed longstanding issues that have been unresolved for years.
