Iraq signed an energy cooperation agreement, collaborating with U.S. capital to advance the construction of a 27 GW power generation project.

Recently, the Iraqi government signed several energy cooperation memorandums of understanding (MoUs), aiming to advance the construction of power generation projects with a total installed capacity of 27 gigawatts (GW), covering both gas and renewable energy generation. Iraqi Prime Minister Sudani attended the signing ceremony.

Among these, according to a statement released by the Prime Minister's Media Office, Iraq signed an MoU with GE Vernova, an energy company under General Electric (GE), to promote the construction of a combined-cycle gas turbine power plant with a total installed capacity of 24 GW.

According to the statement, this will become the largest and most modern power generation project in Iraq's history and may receive external financing from the World Bank.

Another MoU was signed with UGT Renewable Group, a US-based company focused on clean energy solutions. The agreement focuses on the renewable energy sector, planning to build a 3,000-megawatt (3 GW) solar power project in Iraq, accompanied by a 500-megawatt-hour battery energy storage system (BESS).

In addition, the agreement also covers the modernization of power transmission and distribution lines, the construction of up to 1,000 kilometers of high-voltage direct current (HVDC) transmission lines, and a two-year plan for technology transfer, training, operation, and maintenance.

According to the official statement, the project will receive financial support from the US Export-Import Bank, UK Export Finance, and J.P. Morgan, with J.P. Morgan serving as the lead coordinator.

These two collaborations are expected to significantly improve Iraq's domestic power supply structure, enhance energy security, and drive its energy system towards greater efficiency and sustainability.

Additionally, the Federation of Iraqi Chambers of Commerce and the US Chamber of Commerce signed an MoU aimed at strengthening bilateral economic cooperation.

It is reported that the MoU includes nine clauses, including expanding exchanges between Iraqi and US enterprises, organizations, and businessmen, further promoting existing economic, scientific, and technological cooperation, and focusing on the development of cooperation between small and medium-sized enterprises in both countries.