Iraq close to agreeing 1-GW solar project with ACWA Power

Iraq's Ministry of Electricity is close to signing a contract with Saudi electricity producer and water desalination company ACWA Power Co (TADAWUL:2082) for the development of a 1-GW solar project in Najaf Governorate after a year-long delay.

All contract requirements have been completed and obstacles overcome, the ministry said on Wednesday. The statement comes after a meeting between Iraq's electricity minister Ziad Ali Fadhil with representatives of the Saudi company.

During the meeting, the two parties discussed the necessary steps for concluding the contract.

The Council of Ministers has given the green light to proceed with the implementation of the solar project with the Saudi company, and the signing of a final contract is expected soon, according to the statement.

Rumours about the development of the large-scale project have been running for more than a year.

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