Danish Firm Ready to Invest in Iran's Renewables

Danish Firm Ready to Invest in Iran's RenewablesDanish Firm Ready to Invest in Iran's Renewables

A major Danish firm expressed readiness to invest in Iran's renewable energy sector.

This was discussed in a meeting attended by Energy Minister Hamid Chitchian, the newly appointed Danish Ambassador in Tehran Danny Annan and Inigo Sabater, vice president of Vestas, the world's largest manufacturer, seller, installer and servicer of wind turbines, in Tehran.

"Expanding [sales] beyond national market is pivotal for Iran, and cooperation with a company such as Vestas could be a giant leap in that direction," Chitchian was quoted as saying by IRNA.  

Sabater stressed that Iran has a more favorable climate than Spain where 25% of the national energy are supplied by wind turbines, 20,000 megawatts of which were installed by Vestas before 2010, while Iran's vast landmass provides the perfect platform to make the most of wind power.

During the meeting, the Danish official proposed an investment plan worth $100 million to be implemented over five to seven years.

"Under the plan, the turbines brought in and installed by the company will generate a significant share of Iran's electrical energy," he said. Noting that Iran has an installed hydroelectric capacity of 12,000 MW, Chitchian said, "Any interested foreign party should primarily consider using the installed turbines, since we will purchase the electricity generated by local facilities at a rate 15% higher than the set price."