TotalEnergies to ask ACWA Power to sign up with 1-GW Iraqi solar project

• French energy significant TotalEnergies SE (EPA: TTE) plans to invite Saudi company ACWA Power Co (TADAWUL:2082) to join the advancement of a 1-GW solar project in Iraq.

TotalEnergies said so on Wednesday as it announced an agreement with the Iraqi government on the shareholding structure for the approximately USD-10-billion (EUR 9.18 bn) Gas Growth Integrated Project (GGIP). Under the terms, TotalEnergies will certainly hold 45%, Basrah Oil Company will certainly take 30% and also QatarEnergy will certainly own 25% of GGIP.

The French group did not offer new information about the proposed solar project or concerning ACWA Power's potential participation in it.

As announced in September 2021, TotalEnergies means to develop the gigawatt-scale solar park near the Port of Basra in the city of Basra (Basrah), to provide power to the regional grid.