Renewable

June 25 (Renewables Now) - Renewable energy company Masdar, part of Abu Dhabi government’s Mubadala Investment Company, has signed a heads of agreement with Iraq to develop at least 2 GW of solar photovoltaic (PV) projects in the country.

The strategic agreement was signed at a virtual event by Iraq's electricity minister Majid Hantosh, the president of Iraq's National Investment Commission, Suha Al-Najar, and Masdar’s chief executive Mohamed Jameel Al Ramahi.

The solar projects will be located in the central and southern parts of the country and will be implemented through the independent power producer (IPP) business model.

"Iraq is targeting 20 to 25 percent of energy coming from renewable sources, rather than fossil fuels, equivalent to 10 to 12 GW," said Iraq's oil minister Ihsan Abdul Jabbar Ismail.

A major oil producer, Iraq aims to boost the share of renewables in power generation by the end of the decade to address supply issues and achieve climate goals, according to the announcement.