Shafaq News- Washington
Work has begun under a memorandum of understanding andstrategic partnership signed with Iraq’s KAR Group to develop a major solarpower project, with a Baghdad office already established to overseeimplementation, Adam Cortese, CEO of US renewable energy companies Sun Africaand UGTR Renewables, revealed on Friday.
Speaking to Shafaq News on the sidelines of theUS-Iraq Business Summit in Washington, Cortese disclosed that technical, legal,and financial feasibility studies are underway, adding that Sun Africa and UGTRRenewables are fully financing the preliminary assessments to enable the Iraqigovernment to determine whether to proceed with a commercial agreement.
He also praised the reception from both the Iraqigovernment and the local partner despite the long and complex history ofUS-Iraq relations. Baghdad, he observed, is demonstrating a strong commitmentto attracting US investment, while regional instability has reinforced the needto diversify Iraq’s power mix and reduce dependence on Iranian gas imports.
: Replace or reshape: Can solar power alter Iraq’s reliance on oil?
Although oil and gas will remain central to Iraq’senergy sector, Cortese argued that falling solar panel and battery storagecosts have made solar power one of the world’s most competitive electricitysources, particularly in the Middle East, where solar irradiation levels areamong the highest globally.
Iraq and the United States are expected to sign more than18 agreements during Iraqi Prime Minister Ali Al-Zaidi’s official visit toWashington. An informed government source told Shafaq News that the package coversenergy, investment, the economy, technology, education, healthcare, security,infrastructure, and private sector development, while facilitating the entry ofmajor US companies into the Iraqi market.
: Iraq-US investment deals depend on implementation
