General Electric (GE, NYSE: GE) signed a $1 billion deal to supply critical electricity generation and maintenance projects throughout Iraq.
The "power up plan" is expected to add 700 MW of incremental power to Iraq’s power grid during peak summer months. There is already $328 million of financing in place for the initial stage of projects, and GE began shipping parts and started the on-site execution of the Ministry of Electricity projects.
The upgrades include heavy fuel oil conversions that will help scale up productivity, in addition to installing advanced hot gas path components at the various gas turbines. The improvements are coupled with GE’s advanced controls software to expand gas turbine performance and enable the power plants to operate more dynamically. The ministry will supply the heavy fuel oil to the sites.
More than 130 GE gas turbines are installed in Iraq.