Iraq’s $80 B for power projects
The investments are necessary due to an economic boom and population increase.
Image for illustration purposes.
Iraq, Baghdad: Local media has reported that Iraq has set an investment target of over $80 billion in its power sector to face a rapid growth in domestic demand due to economic expansion and a steady population increase.
The country has drawn up plans to encourage the private sector to contribute to power projects as part of post-war plans to expand its role in economic activity, with it seeking to “lure” the private sector into new experiences such as electricity generation. The expectation of the government is that more than $80 billion will be pumped into projects to increase power production in the next years.
The country has awarded solar power projects with a total capacity of around 7.5 GW to foreign firms and plans to offer more such projects within goals to reduce reliance on traditional non-renewable power sources.
Source: Zawya