Baghdad: Prime Minister Mohammed Shia Al-Sudani has overseen the signing of significant memoranda of understanding in the fields of electricity and commerce between Iraq and the United States.

According to National Iraqi News Agency, the first memorandum of understanding (MoU) was signed with GE Vernova. This agreement involves projects for combined-cycle gas-fired power plants, aiming to produce approximately 24,000 megawatts. This initiative is being hailed as the largest and most advanced plan in Iraq’s history, with potential financing from international banks.

The second MoU, signed under Al-Sudani’s sponsorship, establishes cooperation principles between the Iraqi Ministry of Electricity and UGTRenewable Group. This agreement focuses on creating an integrated solar energy project with a 3,000 megawatt capacity and includes battery energy storage systems of up to 500 megawatt-hours. The project also involves modernizing electricity transmission and distribution lines, constructing up to 1,000 kilometers of new high-voltage direct current transmission infrastructure, and a two-year technology transfer, training, operation, and maintenance period. Funding for this initiative will come from the US Export-Import Bank, the UK Export Agency, and JP Morgan, serving as the arranging bank.

Additionally, Al-Sudani facilitated the signing of a third MoU between the Federation of Iraqi Chambers of Commerce and the American Chamber of Commerce. This agreement is part of efforts to strengthen and enhance bilateral economic cooperation. The memorandum comprises nine articles aimed at expanding communications between institutions, companies, organizations, and businessmen in Iraq and the United States. It also focuses on bolstering existing economic, cooperative, scientific, and technological relations and fostering cooperation between small and medium-sized enterprises in both countries.