Siemens has signed an implementation agreement with Iraq’s Ministry of Electricity to rebuild the country’s power sector, Pipeline Oil and Gas Magazine reported.

The $786 million deal was signed in Berlin by Joe Kaeser, Siemens President and CEO, and Luay Al-Khatteeb, Iraq’s Minister of Electricity.

Signing the agreement follows a signed memorandum of understanding (MoU) between the ministry and Siemens that included all essential elements of Iraq’s electrification.

“This binding agreement addresses the various aspects of the roadmap. We are also committed to supporting Iraq in arranging financing for the projects, creating attractive jobs and opportunities for small and medium enterprises,” Kaeser said.

The agreement will include the engineering, procurement, and construction (EPC) of a 500-megawatt (MW) gas-fired power plant in Zubaidiya; the upgrade of 40 gas turbines with upstream cooling systems; and the installation of 13 of 132-kilovolt substations along with 34 transformers across Iraq.

“Our mission is to secure reliable and affordable electricity for the Iraqi people and help them rebuild their country,” Kaeser added.

The ‘Siemens Roadmap for the Electrification of the New Iraq’ is a series of short, medium and long-term plans designed to meet the reconstruction goals of Iraq and support the country’s economic development.