QatarEnergy takes 50pc stake in TotalEnergies solar project in Iraq

DUBAI, Oct 28 (Reuters): QatarEnergy, one of the world's top suppliers of liquefied natural gas, said on Monday it had agreed to take a 50 per cent stake in TotalEnergies' 1.25-gigawatt solar project in Iraq.
The French energy giant will retain the remaining 50 per cent stake in the project, which is part of Iraq's $27 billion Gas Growth Integrated Project (GGIP), QatarEnergy said in a statement, without disclosing the size of the deal.
The GGIP initiative aims to improve Iraq's electricity supply, including by recovering flared gas at three oilfields and using the gas to supply power plants, helping to reduce Iraq's import bill. It also includes renewable energy projects.
Iraq currently imports between a third and 40 per cent of its supply of electricity and gas from Iran, but continues to suffer from widespread power cuts, especially in the hot summer months when demand for power for cooling surges.
QatarEnergy last year joined a consortium to implement the GGIP project with a 25 per cent stake, while TotalEnergies and Iraq's Basra Oil Company held the remaining 45 per cent and 30 per cent stakes, respectively.