2026-07-17T17:12:45+00:00
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Shafaq News- Washington
Work has begun under a memorandum of understanding and
strategic partnership signed with Iraq’s KAR Group to develop a major solar
power project, with a Baghdad office already established to oversee
implementation, Adam Cortese, CEO of US renewable energy companies Sun Africa
and UGTR Renewables, revealed on Friday.
Speaking to Shafaq News on the sidelines of the
US-Iraq Business Summit in Washington, Cortese disclosed that technical, legal,
and financial feasibility studies are underway, adding that Sun Africa and UGTR
Renewables are fully financing the preliminary assessments to enable the Iraqi
government to determine whether to proceed with a commercial agreement.
He also praised the reception from both the Iraqi
government and the local partner despite the long and complex history of
US-Iraq relations. Baghdad, he observed, is demonstrating a strong commitment
to attracting US investment, while regional instability has reinforced the need
to diversify Iraq’s power mix and reduce dependence on Iranian gas imports.
Read more: Replace or reshape: Can solar power alter Iraq’s reliance on oil?
Although oil and gas will remain central to Iraq’s
energy sector, Cortese argued that falling solar panel and battery storage
costs have made solar power one of the world’s most competitive electricity
sources, particularly in the Middle East, where solar irradiation levels are
among the highest globally.
Iraq and the United States are expected to sign more than
18 agreements during Iraqi Prime Minister Ali Al-Zaidi’s official visit to
Washington. An informed government source told Shafaq News that the package covers
energy, investment, the economy, technology, education, healthcare, security,
infrastructure, and private sector development, while facilitating the entry of
major US companies into the Iraqi market.
Read more: Iraq-US investment deals depend on implementation