From Yahoo Finance: 2025-04-10 10:30:00

Iraq has signed MOUs with the US to develop power plants and a solar energy project, aiming to diversify energy sources and reduce reliance on Iranian imports. GE Vernova will build 24GW gas power plants, while UGT Renewables will develop a 3GW solar project with battery storage and modernized transmission networks.

The projects mark Iraq’s largest and most modern initiative, with potential external financing. A two-year programme for technology transfer and training is included. Support from Export-Import Bank of the US, UK Export Finance, and JP Morgan is secured. A separate MOU focuses on private-sector cooperation and supporting SMEs.

Following the expiration of a US sanctions waiver for Iranian power imports, Iraq could face electricity shortages. The MOUs aim to address this issue and boost the country’s energy independence. The agreements were signed between Iraq and the US, with a focus on developing power projects and fostering economic cooperation.

Read more: Iraq and US sign MoUs to develop 27GW power projects