Iraq Says Saudis to Sell It Power at a Fraction of Iran's Price

Saudi Arabia agreed to build a solar power plant and sell the electricity to Iraq at a steep discount to supplies the war-torn country previously bought from the kingdom’s regional arch-rival Iran.

The deal, which hasn’t been approved yet by Iraqi authorities, includes building a 3,000-megawatt plant in Saudi Arabia within a year of the signing of the agreement, Iraq’s Ministry of Electricity spokesman Mussab Serri said by phone. Iraq will buy the electricity for $21 per megawatt-hour, or a quarter of what it paid Iran for the imports, Serri said.