British renewable energy investor Quercus said it will halt the construction of a €500 million ($570 million) solar power plant in Iran following the recent reimposition of US sanctions on Tehran.
The solar plant in Iran would have been the first renewable energy investment outside Europe by Quercus and the world’s sixth largest, with a 600-megawatt capacity, Reuters reported.
Iran intends to increase the share of renewable electricity in its energy mix, partly due to air pollution and to meet international commitments, as it hopes to have about 5 gigawatts in renewables installed by 2022.
In June, before the US-imposed sanctions, more than 250 companies had signed agreements to add and sell about 4 gigawatts of renewables generated in the country, which has only installed 612 MW so far, Iranian Energy Ministry data showed.
Washington reimposed sanctions last week after pulling out of a 2015 international deal aimed at curbing Iran’s nuclear program in return for an easing of economic sanctions.
US President Donald Trump has also threatened to penalize companies that continue to operate in Iran, which led some international banks and companies to scale back their dealings with Tehran.
Add new comment
Read our comment policy before posting your viewpoints