ONEX announces a US$1 billion investment with GE to add 750 MW of generation capacity

Kurdistan Region of Iraq — ONEX has announced a significant expansion of its power generation capability through a US$1 billion investment. The programme comprises a new 500 MW simple-cycle power plant and a 250 MW combined-cycle gas turbine (CCGT) addition to the existing 500 MW facility, bringing total capacity to 1,250 MW on completion.

Strategic importance

The investment strengthens Iraq’s power supply and energy security, meeting growing electricity demand while reducing dependency on imported energy. Using natural gas from the Khor Mor gas field in the Kurdistan Region secures a reliable fuel supply and supports long-term economic stability.

Advanced turbines from GE

In collaboration with General Electric (GE), ONEX has secured two GE 9F.04 gas turbines for the new 500 MW simple-cycle plant. The 9F.04 is known for robust performance and fuel flexibility, with a simple-cycle output of 288 MW and combined-cycle efficiency above 60%.

EPC partner

ONEX has signed an engineering, procurement and construction (EPC) agreement with Çalık Enerji, a leading Turkish energy and construction company with a strong track record in power generation projects across the Middle East, Central Asia and Africa.

Timeline

• 500 MW simple-cycle plant: scheduled for completion by January 2023
• 250 MW CCGT addition: expected to be operational by June 2024