Oil report

UPDATE 2-Scatec-led consortium to build 525 megawatt solar project in Iraq

(Adds project locations, details, background)

Oct 7 (Reuters) - Iraq signed an agreement with a consortium led by Norway’s Scatec to build a 525 megawatt solar project in the governorates of Karbela and Babylon, the oil ministry said on Thursday.

The consortium also includes Egypt’s Orascom Construction and Iraqi private company Bilal.

Iraqi oil Minister Ihsan Abdul Jabbar said the value of the agreement stood at around $500 million.

The minister added that the government aims to reach an output of 7500 megawatts of clean energy before the year 2023.

On Wednesday, Iraq and the United Arab Emirates’ Masdar signed a one thousand megawatt contract to build five solar power plants in the country.

Reporting by Ahmed Rasheed Writing by Lilian Wagdy ; Editing by Jon Boyle, Kirsten Donovan