• The modernization of Mass Group Holding’s Besmaya power plant forms a key element in a wider initiative by Iraq’s Ministry of Electricity to update the country’s power generation infrastructure and address the growing demand for energy.
• With the successful completion of Phase 1 and the commencement of Phase 2 Advanced Gas Path (AGP) upgrades, the modernization is expected to boost the power plant’s output by 6%, while also enhancing fuel efficiency.
• An eight-year service agreement for Phase 3 has been announced.

Dubai, United Arab Emirates (October 10, 2024) — During a ceremony held in Dubai, United Arab Emirates, Mass Group Holding (MGH) and GE Vernova Inc. (NYSE: GEV) revealed major advancements in the modernization of the 4.5-gigawatt (GW) Besmaya Power Plant in Baghdad, Iraq, the largest power plant in the country. GE Vernova has successfully completed Phase 1 AGP upgrades on four 9F.04 gas turbines and has begun Phase 2 upgrades on an additional four turbines of the same model.

During the event, both GE Vernova and MGH also unveiled an eight-year services agreement to support the Phase 3 upgrades, which will incorporate four GE Vernova 9F gas turbines. This agreement was signed in the second quarter of 2024 and complements the operations and maintenance (O&M) agreements, as well as the long-term service contracts GE Vernova previously secured for Phases 1 and 2 of the project.

The 9F Phase 1 AGP upgrades, installed at the Besmaya plant by GE Vernova, deliver top-tier performance and operational flexibility. These upgrades increase efficiency and availability, while boosting output by up to 6% and improving fuel consumption efficiency, thus extending the lifespan of the equipment. Once Phase 2 is completed by the first quarter of 2025, the eight 9F turbines are expected to reduce carbon dioxide (CO₂) emissions by as much as 477,000 metric tons annually, for the same level of power generation.

Ziad Ali Fadhil, Iraq’s Minister of Electricity, stated: “This modernization aligns with our strategic objectives and marks a significant achievement in Iraq’s energy transition. It enables increased electricity generation and enhances fuel efficiency, which will, in turn, reduce carbon intensity.”

During the ceremony, Ahmed Ismail Saleh, Chairman of Mass Group Holding, remarked: “The Besmaya power plant, in collaboration with Iraq’s Ministry of Electricity, is vital in providing electricity for the people of Iraq, as well as various commercial and industrial sectors. We are committed to further enhancing efficiency, flexibility, and sustainability within Iraq’s energy sector. This modernization project is part of the Iraqi Ministry of Electricity’s broader strategy to ensure a more reliable and sustainable electricity supply, essential for the nation’s economic development.”

Steve Kessinger, Vice President and CEO of GE Vernova’s Gas Power Global Services, noted: “The upgrades at Phase 1 of Besmaya Power Plant represented our first-ever ‘Live Outage’ in Iraq, a new digital approach that enhances the field execution experience for both our teams and customers. The work was completed ahead of schedule and has significantly improved the plant’s efficiency and performance. We look forward to continuing our collaboration with Mass Group Holding to achieve even greater results.”

“For almost two decades, GE Vernova has worked closely with Mass Group Holding in Iraq, providing advanced technology to four of the group’s power plants in Besmaya, Erbil, Sulaymaniyah, and Dohuk. Together, these facilities contribute approximately 9 gigawatts to Iraq’s overall power capacity,” said Joseph Anis, President and CEO of Gas Power at GE Vernova for Europe, the Middle East, and Africa. “GE Vernova has been actively involved in Iraq for over five decades and remains dedicated to facilitating the country’s transition to lower-carbon solutions that benefit its people. This includes modernizing the electrical grid and driving the digital transformation of power generation and transmission.”

Over the years, GE Vernova has contributed up to 19 GW to Iraq’s grid, constructed and energized 30 substations, and completed the first phase of Iraq’s electricity grid connection with Jordan. The company has secured over US$3 billion in financing for energy projects and continues to invest in local talent development and workforce training. By working closely with Iraq’s Ministry of Electricity and private sector entities such as Mass Group Holding, GE Vernova remains committed to advancing the nation’s energy sector and supporting its economic growth.

Forward-Looking Statements

This document contains forward-looking statements, which pertain to future events that inherently involve uncertainty. These statements often relate to GE Vernova’s projected business and financial performance, the expected performance of its products, the impact of its services, and the potential outcomes they may generate. They frequently use terms like “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements address matters that are inherently uncertain, such as planned transactions, investments, or projects and their expected outcomes, as well as the impact of market conditions and volatility on the company’s operations, financial results, and global supply chain.

About MASS Group Holding

Founded in 2006, Mass Group Holding is a global leader in electric power production, with a capacity of 9,000 MW in Iraq alone. The company plays an active role in meeting the growing worldwide demand for energy. While its focus remains on conventional energy, Mass Group has also expanded into renewable energy, investing in clean resources and upholding the principles of environmental sustainability.

Mass Group’s activities extend beyond energy, with significant investments in other vital sectors. In Iraq, where the company began its expansion, Mass Group established a cement factory with an annual capacity of 6 million tons, covering a quarter of the nation’s demand for this essential construction material. Additionally, the company has launched a steel factory with an annual production capacity of 1.25 million tons, bolstering Iraq’s industrial capabilities. Mass Group’s commitment to sustainable development in Iraq remains strong.

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