Total And QatarEnergy Finalize Iraq Solar Stakes

1 Nov 2024 Issue: 67 / 44 By: Yesar Al-Maleki

Total’s $27bn Iraq megadeal projects are moving forward with the French major and QatarEnergy reaching a 50/50 shareholding agreement to build the country’s largest solar plant. EPC works on other components are expected to begin by the end of the year.

QatarEnergy and TotalEnergies have reached a “partnership agreement” to develop their 1.25GW solar project in Iraq’s Basra province under a 50:50 split, according to a 28 October press release from the Qatari firm. The plant, which will be Iraq’s first large-scale solar PV installation once fully constructed in 2027, is part of the Total-led ‘Gas Growth Integrated Project (GGIP)’ finalized with Iraq last year (MEES, 14 July 2023).

QatarEnergy says the solar plant will be developed in phases from 2025, in line with 25 October comments from Bassim Abdulkareem, CEO of state firm Basrah Oil Company (BOC). Mr Abdulkareem’s firm is a 30% partner in the GGIP, with Total and QatarEnergy holding 45% and 25% participating interests respectively. While under the GGIP umbrella, the solar plant has a distinct shareholding structure that excludes BOC. (CONTINUED - 1116 WORDS)