ONEX Announces GE $1 Billion USD Investment to Add 750MW to Power Generation Capacity

Kurdistan – 14 March 2025 - ONEX is pleased to announce a significant expansion of our power generation capabilities through a $1 billion USD investment. This strategic initiative includes the development of a new 500MW simple cycle power plant and the enhancement of our existing 500MW facility with an additional 250MW combined cycle gas turbine (CCGT), bringing our total capacity to 1,250MW upon completion.

Strategic Importance of the Project

This investment is a critical step in strengthening Iraq’s power supply and energy security, addressing the growing demand for electricity while reducing dependency on imported energy sources. By utilizing natural gas from the Khor Mor gas field in Kurdistan, Iraq, the project ensures a reliable and sustainable fuel supply, further enhancing Iraq’s domestic energy independence and long-term economic stability.

Partnership with GE for Advanced Turbines

In collaboration with General Electric (GE), we have secured two state-of-the-art 9E.03 gas turbines for the new 500MW simple cycle project. The 9F.04 turbines are renowned for their robust performance and fuel flexibility, capable of operating on a diverse range of fuels, including natural gas, distillate oil, and syngas. With a simple cycle output of 288 MW and a combined cycle efficiency exceeding 60%, these turbines ensure high availability and reliability across diverse operating conditions. GE Vernova (gevernova.com)

Commitment to GE and U.S. Partnership

ONEX values its longstanding partnership with General Electric, which has been instrumental in delivering world-class energy solutions to Iraq. By prioritizing U.S. partnerships, we continue to strengthen bilateral ties, foster economic development, and support Iraq’s integration into the global energy market. Our collaboration with GE underscores our commitment to high-quality, efficient, and reliable power generation, ensuring a sustainable energy future for Iraq.

EPC Agreement with Çalık Enerji

We have formalized an Engineering, Procurement, and Construction (EPC) agreement with Çalık Enerji, a leader in energy infrastructure projects, for the execution of this expansion and reflecting our commitment to enhancing energy infrastructure in the region. Çalık Enerji is a leading Turkish energy and construction company specializing in power generation, transmission, and distribution projects across the Middle East, Central Asia, and Africa. With a strong track record in Engineering, Procurement, and Construction (EPC) services, Çalık Enerji has successfully delivered large-scale power plants, renewable energy projects, and oil & gas infrastructure. The company is known for its expertise in turnkey power solutions, innovative energy technologies, and commitment to sustainable development, making it a key partner in advancing energy security and economic growth in the regions it operates.

Project Timeline

500MW Simple Cycle Project: Scheduled for completion by January 2023.
250MW CCGT Addition: Expected to be operational by June 2024.

This expansion aligns with our mission to provide reliable and efficient energy solutions, supporting economic growth and development. We remain dedicated to integrating advanced technologies and fostering strategic partnerships to meet the evolving energy needs of the communities we serve.

For more information, please visit our website at www.onexholding.com.