Baghdad, Iraq – Prime Minister Mohammed Shia al-Sudani hosted the signing ceremony of two significant memoranda of understanding (MOUs) today, focusing on the electricity sector and enhancing economic cooperation between Iraq and the United States.
One MOU outlines a collaboration with GE Vernova for the development of combined-cycle gas-fired power plants, aiming to generate approximately 24,000 megawatts, marking the largest and most modern power generation project in Iraq’s history. The project may also secure external financing through international banks.
In the electricity sector, another MOU was signed with UGTRenewable Group to establish an integrated solar energy project with a 3,000-megawatt capacity, supported by battery storage systems of up to 500 megawatt-hours. This project will modernize electricity transmission and distribution infrastructure, including the construction of up to 1,000 km of new high-voltage direct current transmission lines. The project will also provide for a two-year technology transfer, training, and maintenance program, with financing from the US Export-Import Bank, UK Export Agency, and JP Morgan.
Furthermore, a third MOU was signed between the Federation of Iraqi Chambers of Commerce and the American Chamber of Commerce, aimed at strengthening bilateral economic ties. The agreement includes nine points to foster communication and collaboration between businesses, institutions, and small and medium-sized enterprises in both countries, promoting economic, scientific, and technological cooperation.
