Rafsanjan Solar Power Plant
 Rafsanjan Solar Power Plant

Iran Ratifies $7.3b Worth of Foreign Investments in Renewables

Iran Ratifies $7.3b Worth of Foreign Investments in Renewables

The government has commissioned the construction of €6.3 billion ($7.3 billion) worth of renewable power plants through foreign investment, government's spokesperson said, as Iran takes steps to diversify its energy mix that is dominated by oil and gas.

Speaking at the closing ceremony of an electricity exhibition in Tehran this week, Mohammad Bagher Nobakht said the new spending will help significantly raise the share of renewables in a country with ample sunlight exposure and huge capacity for wind power.

"The Economic Council [of the government] has approved €6.3 billion in investment for over 8,000 megawatts of renewable power projects," Nobakht was quoted as saying by ILNA.

The promising statement comes on the back of a wave of deals with international companies to build renewable power plants in Iran, including a $2.9-billion preliminary agreement with Norway's Saga Energy and a $600-million contract with London-based Quercus for solar ventures.

Iran meets more than 80% of its electricity demand from thermal power plants that run on fossil fuels while renewables account for a meager 420 megawatts, or less than 1% of its energy mix.

Short URL : https://goo.gl/jrNKvA
  1. https://goo.gl/Tk1Qtq
  • https://goo.gl/EqmNKq
  • https://goo.gl/uJDHrt
  • https://goo.gl/vgS9N5
  • https://goo.gl/Tv28zN

You can also read ...

Eni Returns to Profit
New oil and gas project startups and higher oil prices helped...
Europe Keen on Iran Joining SGC
Europe wants countries rich in natural resources to join the...
Oil Gains in Weekly Recovery
Oil prices edged up on Friday as a rebound in the global...
Zarubezhneft, IDRO Oil to Study Susangerd Oilfield
Russian oil and gas firm Zarubezhneft Company has signed a...
Tehran Power Grid Wastage Declines to 3.2%
In line with efforts to minimize blackouts in the capital,...
An investment of $211 million is needed to supply 50 mcm of water per annum to the central provinces.
Water transfer from the Caspian Sea in the north and the...

Add new comment

Read our comment policy before posting your viewpoints