Exclusive: US companies advance major solar project in Iraq
Shafaq News- Washington (Updated at 21:48)
Work has begun under a memorandum of understanding and strategic partnership signed with Iraq’s KAR Group to develop a major solar power project, with a Baghdad office already established to oversee implementation, Adam Cortese, CEO of US renewable energy companies Sun Africa and UGTR Renewables, revealed on Friday.
Speaking to Shafaq News on the sidelines of the US-Iraq Business Summit in Washington, Cortese disclosed that technical, legal, and financial feasibility studies are underway, adding that Sun Africa and UGTR Renewables are fully financing the preliminary assessments to enable the Iraqi government to determine whether to proceed with a commercial agreement.
He also praised the reception from both the Iraqi government and the local partner despite the long and complex history of US-Iraq relations. Baghdad, he observed, is demonstrating a strong commitment to attracting US investment, while regional instability has reinforced the need to diversify Iraq’s power mix and reduce dependence on Iranian gas imports.
Read more: Replace or reshape: Can solar power alter Iraq’s reliance on oil?
Although oil and gas will remain central to Iraq’s energy sector, Cortese argued that falling solar panel and battery storage costs have made solar power one of the world’s most competitive electricity sources, particularly in the Middle East, where solar irradiation levels are among the highest globally.
Jeffrey Casper, co-founder and CEO of global commodities firm Himara Trading, told Shafaq News that Iraq is emerging as an increasingly attractive destination for international investors, citing stronger political stability and closer economic cooperation with the United States.
Iraq and the United States are expected to sign more than 18 agreements during Iraqi Prime Minister Ali Al-Zaidi’s official visit to Washington. An informed government source told Shafaq News that the package covers energy, investment, the economy, technology, education, healthcare, security, infrastructure, and private sector development, while facilitating the entry of major US companies into the Iraqi market.
Read more: Iraq-US investment deals depend on implementation
