GE and Iraqi Ministry of Electricity sign $1.2 B agreement for power sector projects
The Government of Iraq is accelerating its focus on strengthening the nation’s power infrastructure through two new agreements signed with GE.
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Iraq, Baghdad: With growing demand for electricity the Government of Iraq is accelerating its focus on strengthening the nation’s power infrastructure through two new agreements signed with GE.
A long-term partner committed to meeting the future electricity needs of the nation, GE signed the agreements, valued at over $1.2 B, with the Iraqi Ministry of Electricity to execute the power sector projects that will secure reliable power supply across the country.
Accordingly, GE Gas Power will undertake contracts valued at $500 M for the upgrade and maintenance of key power plants in the country, which are mission-critical to sustain the power supply of over 6,000 MW and scale up operational efficiency. Further, GE’s Grid Solutions, having secured a contract valued at $727 M in a landmark agreement, will reinforce Iraq’s transmission network and interconnection with the electricity grid of Jordan.
In addition to delivering the scope of services, GE will also work with multiple export credit agencies to facilitate the discussion of financing over $1 B for the projects.
The agreements were signed by HE Majid Al-Emara, Iraq’s Minister of Electricity and Michael Eshoo, Vice President & CFO, GE Gas Power.
HE Majid Al-Emara, Iraq’s Minister of Electricity, said, “Our primary focus is to deliver uninterrupted electricity, especially during summer months, to meet the needs of our people and industry. The new agreements with GE is an ideal fit for our requirements, and builds on the strong partnership we have with the company to deliver more power for the nation.”
Heiner Markhoff, Vice President and CEO of Grid Solutions at GE Renewable Energy, said, “This agreement is about more than electricity generation. It is about putting in place the necessary grid infrastructure and a sustainable approach to progress that will allow Iraq to truly drive forward positive change throughout the nation.”
Source: GE