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Shafaq News- Washington<\/p>\n
Work has begun under a memorandum of understanding and
\nstrategic partnership signed with Iraq\u2019s KAR Group to develop a major solar
\npower project, with a Baghdad office already established to oversee
\nimplementation, Adam Cortese, CEO of US renewable energy companies Sun Africa
\nand UGTR Renewables, revealed on Friday.<\/p>\n
Speaking to Shafaq News on the sidelines of the
\nUS-Iraq Business Summit in Washington, Cortese disclosed that technical, legal,
\nand financial feasibility studies are underway, adding that Sun Africa and UGTR
\nRenewables are fully financing the preliminary assessments to enable the Iraqi
\ngovernment to determine whether to proceed with a commercial agreement.<\/p>\n
He also praised the reception from both the Iraqi
\ngovernment and the local partner despite the long and complex history of
\nUS-Iraq relations. Baghdad, he observed, is demonstrating a strong commitment
\nto attracting US investment, while regional instability has reinforced the need
\nto diversify Iraq\u2019s power mix and reduce dependence on Iranian gas imports.<\/p>\n
Read more:\u00a0Replace or reshape: Can solar power alter Iraq\u2019s reliance on oil?<\/a><\/p>\n Although oil and gas will remain central to Iraq\u2019s Iraq and the United States are expected to sign<\/a> more than
\nenergy sector, Cortese argued that falling solar panel and battery storage
\ncosts have made solar power<\/a> one of the world\u2019s most competitive electricity
\nsources, particularly in the Middle East, where solar irradiation levels are
\namong the highest globally.<\/p>\n
\n18 agreements during Iraqi Prime Minister Ali Al-Zaidi\u2019s official visit to
\nWashington. An informed government source told Shafaq News that the package<\/a> covers
\nenergy, investment, the economy, technology, education, healthcare, security,
\ninfrastructure, and private sector development, while facilitating the entry of
\nmajor US companies into the Iraqi market.<\/p>\n