Friday 19 October 2012

Iraq to spend $1.6bn on renewables

Iraq plans to spend up to $1.6 billion (£995 million) on solar and wind power in the next three years.

Reports claim it is part of the nation’s plans to add 400MW to its National Grid to help manage the daily blackouts that still occur in many parts of the country. Statistics have shown the Middle East nation only produces around 8,800MW out of the 14,000MW it needs.

The country's Ministry of Electricity said around 25 firms have already been asked to manufacture and install solar and wind power plants.

According to reports, the Ministry has given an initial $200 million (£124.5 million) from its 2013 budget to add 50MW to the grid next year.

Iraq aims to reach 22GW of power generation capacity to meet its demand by 2016 by upgrading and building new power projects to minimise the shortages.