QatarEnergy Takes 50% Stake in TotalEnergies' Solar Project in Iraq

DUBAI (Reuters) – QatarEnergy, one of the world's top suppliers of liquefied natural gas, announced on Monday that it has agreed to take a 50% stake in TotalEnergies' 1.25-gigawatt solar project in Iraq.

The French energy giant will retain the remaining 50% stake in the project, which is part of Iraq's $27 billion Gas Growth Integrated Project (GGIP). QatarEnergy did not disclose the details of the deal.

Objective of the GGIP

The GGIP initiative aims to enhance Iraq's electricity supply, including recovering flared gas from three oilfields and utilizing it to power plants, thereby reducing Iraq's import costs. The initiative also encompasses a variety of renewable energy projects.

Currently, Iraq imports between 33% to 40% of its electricity and gas from Iran, yet it continues to experience widespread power outages, particularly during the hot summer months when demand for cooling increases.

Solar Project Details

The solar project will be developed in phases, expected to come online between 2025 and 2027. It aims to generate up to 1.25 GW at peak using 2 million bifacial solar panels. QatarEnergy states that the project will provide electricity to approximately 350,000 homes in the oil-rich Basra region of southern Iraq.

Last year, QatarEnergy joined a consortium to implement the GGIP project with a 25% stake, while TotalEnergies and Iraq's Basra Oil Company hold the remaining 45% and 30% stakes, respectively.