TotalEnergies to ask ACWA Power to join 1-GW Iraqi solar project

French energy major TotalEnergies SE (EPA:TTE) intends to invite Saudi company ACWA Power Co (TADAWUL:2082) to join the development of a 1-GW solar project in Iraq.

TotalEnergies said so on Wednesday as it announced an agreement with the Iraqi government on the shareholding structure for the roughly USD-10-billion (EUR 9.18bn) Gas Growth Integrated Project (GGIP). Under the terms, TotalEnergies will hold 45%, Basrah Oil Company will take 30% and QatarEnergy will own 25% of GGIP.

The French group did not give new details about the proposed solar project or about ACWA Power’s potential participation in it.

As announced in September 2021, TotalEnergies intends to build the gigawatt-scale solar park near the Port of Basra in the city of Basra (Basrah), to supply electricity to the regional grid.

(USD 1.0 = EUR 0.918)

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