The agreement would help further the country’s goal of generating 20-25% of its energy from renewables, equivalent to 10-12 GW by 2030. The projects will be located in central and southern Iraq, which suffers from acute electricity shortages, especially during the summer, when hot temperatures create high air conditioning demand. The project ensures clean and sustainable energy production for different areas in Iraq, and displaces carbon dioxide emissions resulting from fossil fuel generation. The project will also provide new jobs in the energy sector, with the manpower for project construction and operation beyond 2,000.
Iraq generates a significant portion of its electricity by burning crude and fuel oil in its power plants but is aiming to reduce those volumes so they can be exported for much-needed revenue instead. the country consumed 486,000 b/d of crude oil in May, including for refinery runs and power generation, though independent observers say that volume is likely much higher. Masdar said it has renewables projects capable of generating more than 11 GW in more than 30 countries, with a total value of $20 billion.