The agreement will focus on geothermal power generation, heating, ventilation, and air conditioning (HVAC) applications, as well as compressed air energy storage

The projects, set to be developed under a build-own-operate (BOO) model, are located across key regions

The project will generate enough renewable electricity to power 36,000 homes annually while offsetting 190,000 tonnes of carbon dioxide emissions.

The contracts are part of the broader Iraqi Electrical Super Grid initiative, financed through SEK and EKN loans.

ACWA Power will act as the lead developer, investor, and operator of green hydrogen and green ammonia production facilities, while SEFE will serve as a co-investor and primary offtaker

The latest deals bring Penspen’s total 2024 sales to over $225 million, reinforcing its role in global energy infrastructure.