- QatarEnergy has acquired a 50% stake in TotalEnergies’ 1.25-gigawatt solar project in Iraq, aiming to diversify the country’s energy sources and reduce reliance on imports from Iran.
- The Basra solar project will utilise approximately two million bifacial solar panels, which are expected to generate enough electricity to power nearly 350,000 homes in the region.
- This initiative supports Iraq’s Gas Growth Integrated Project, which seeks to stabilise the electricity grid, create local jobs, and enhance energy independence while aligning with international sustainability standards.
QatarEnergy has acquired a 50% stake in TotalEnergies’ 1.25-gigawatt solar project in Iraq. This acquisition aims to diversify Iraq’s energy sources and reduce its import dependence, supporting Iraq’s goal of achieving energy independence.
TotalEnergies retains the other 50% stake in the project and continues collaborating with the Iraqi government to advance sustainable energy solutions. The solar project primarily targets reducing Iraq’s reliance on energy imports, which currently account for 30% to 40% of the country’s consumption, mainly from Iran.
Located in Basra, the solar project will use about two million bifacial solar panels. This technology captures sunlight on both sides of the panels, increasing energy production. The facility expects to generate enough electricity to power nearly 350,000 homes in the region.
The Gas Growth Integrated Project (GGIP) was launched to meet Iraq’s rising energy demand. Iraq faces frequent power outages and relies heavily on Iran for gas and electricity during peak summer months. The GGIP aims to diversify energy sources by integrating gas capture and solar power.
The project will use flared gas from three oil fields to power its plants. This approach will stabilise the electricity grid while reducing energy import costs. The Basra solar project stands out due to its large capacity and advanced bifacial technology.
Bifacial panels suit Iraq’s sunny climate, allowing for optimised production. The project’s partners expect to begin the first phase in 2025, with an anticipated completion date in 2027.
This strategic partnership includes QatarEnergy, TotalEnergies, and the Basra Oil Company—their GGIP stakes are 25%, 45%, and 30%, respectively. QatarEnergy’s move reflects its ambition to expand into renewable energy while solidifying its presence in Iraq.
Although QatarEnergy has not disclosed the specific investment amount, this acquisition highlights both companies’ commitment to fostering economic growth in the region. This initiative also proves vital for TotalEnergies as it consolidates its position in Iraq’s renewable energy market.
QatarEnergy’s expanded role in Iraq’s energy sector strengthens ties between Qatar and Iraq. It promotes a pathway to sustainable energy independence for the nation. The deployment of the solar plant in Basra aims to lower energy import expenses and stabilise Iraq’s electrical grid.
Furthermore, the project will likely create jobs in renewable energy and construction. This development will bring technical skills and infrastructure to the region. Local solar electricity production will reduce service interruptions, addressing the needs of a growing population.
Through this partnership, Iraq advances its goal of diversifying energy resources. By adopting solutions such as gas capture and solar energy, the country positions itself to enhance its energy independence. This strategy aligns with international sustainability standards and meets the demands of a modern energy market.
In summary, QatarEnergy’s acquisition of a stake in TotalEnergies’ solar project in Iraq represents a critical step in the country’s energy transition. This initiative will reduce reliance on imports while bolstering local production. This move underscores the importance of collaboration in addressing Iraq’s energy challenges and achieving a sustainable energy future.