Iraq: Iraq has unveiled a new wave of renewable energy projects valued at $6 B, as the government seeks to curb dependence on fossil fuels and address its long-standing electricity shortages, according to Oil Minister Ziad Fadhil.
The projects, recently awarded to international firms including TotalEnergies (France), PowerChina, and Masdar (UAE), are expected to add around 10,000 MW of renewable capacity to the national grid.
By 2030, Iraq aims to generate 12 GW of clean power through large-scale solar and wind developments, marking a major step in the country’s long-term energy diversification plan.
Fadhil said the initiative is part of Iraq’s broader effort to modernise its energy infrastructure and strengthen energy security. The Central Bank of Iraq is also supporting the transition through a renewable energy loan programme, offering up to $21,000 (30 M Iraqi dinars) for residential installations at low or zero interest rates.
Despite being a major OPEC producer, Iraq currently relies on renewables for only 1.17 % of its electricity. However, with multiple solar projects under development, officials expect that share to reach 20 % within the next few years.
Source: Zawya
