TotalEnergies signs a deal worth $27 billion to construct four energy projects in southern Iraq.
TotalEnergies produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables, and electricity which is based out of France.
With an initial investment of $10 billion, the company will start its construction immediately.
Iraq plans to mobilize teams in the country by the end of this year.
The four projects include two solar power plants, one oil, and one gas plant.
The country plans to reduce the use of fossil fuels and their dependency on it. Iraq is number second energy-producing country but still, it faces an energy crisis.
Iraq depends on Iran and other neighboring countries for the supply of energy.
“This is the largest investment in Iraq by a Western company. Implementing these projects is the challenge we face now,” Minister Ismail said.
The solar project will be installed in a solar farm in Artawi, near the southern port of Basra.
The capacity of solar panels will be 1,000 MW.