GE Inks $1.2 billion pacts with Iraq to scale up power stability

With an aim to secure reliable power supply across the country, the Iraqi Ministry of Electricity has signed more than USD 1.2 billion worth of agreements with a multinational conglomerate General Electric Company (GE).

August 20, 2020. By Manu Tayal

With an aim to secure reliable power supply across the country, the Iraqi Ministry of Electricity has signed more than USD 1.2 billion worth of agreements with a multinational conglomerate General Electric Company (GE).

The move came as the Iraqi Government is accelerating its focus on strengthening the nation’s power infrastructure amidst the growing demand for electricity, especially to meet the requirements during peak summer.

The agreements were signed between HE Majid Al-Emara, Iraq’s Minister of Electricity and Michael Eshoo, Vice President & CFO, GE Gas Power, in the presence of HE Mustafa Al Khadimi. 

Speaking on the signing the deal with GE, HE Majid Al-Emara, Iraq’s Minister of Electricity, said that “our primary focus is to deliver uninterrupted electricity, especially during summer months, to meet the needs of our people and industry. To achieve this, we have already rolled out a clear action plan. Bringing world-class technology, especially to upgrade our power plants, and to ensure their seamless operation is a critical part of this strategy. The new agreements with GE, a leader in power technology, is an ideal fit for our requirements, and builds on the strong partnership we have with the company to deliver more power for the nation.”

As per the agreements signed, GE Gas Power will undertake contracts valued at about USD 500 million for upgrading and maintenance of key power plants in the country, which are mission-critical to sustain the power supply of more than 6 GW and scale up operational efficiency.

Moreover, the company’s Grid Solutions have secured a contract valued at USD 727 million in a landmark agreement, for reinforcing Iraq’s transmission network and interconnection with the electricity grid of Jordan.

“This agreement is about more than electricity generation. It is about putting in place the necessary grid infrastructure and a sustainable approach to progress that will allow Iraq to truly drive forward positive change throughout the nation,” said Heiner Markhoff, Vice President and CEO of Grid Solutions at GE Renewable Energy.

Additionally, GE will also work with multiple exports credit agencies to facilitate the discussion of financing over USD 1 billion for the projects.

“We are thankful to the Iraqi government for their confidence in our capabilities to deliver power where and when needed. The new agreements will contribute to a more reliable and stronger power infrastructure, which is the top priority of the government,” said Scott Strazik, CEO for GE Gas Power.

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