UGT Renewables to build 3 GW of solar in Iraq
Miami-based project developer UGT Renewables plans to build a 3 GW solar park in Iraq.
The company signed an agreement with the Iraqi government for the project in May and met with Electricity Minister Ziyad Ali Fadel earlier this week. A statement from the minister said the meeting, which also included British Ambassador to Iraq Irfan Siddiq, focused on implementing the agreement and strengthening cooperation in solar energy projects.
Under the agreement, the 3 GW solar project will include up to 500 MWh of energy storage and 1,000 km of HVDC transmission lines. It will also feature a two-year program for technology transfer, training, and operations and maintenance.
The project is backed by the Export-Import Bank of the United States and UK Export Finance. J.P. Morgan is serving as lead bank. Project timelines and site locations have not yet been announced.
Iraq’s cumulative solar capacity stood at 42 MW at the end of 2024, according to the International Renewable Energy Agency (IRENA). The country has set a target of 12 GW of solar by 2030.
In May, Iraq’s first solar-powered village began operating.
