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Iran approves $7.3 billion foreign investments in renewables

Staff Writer |
Iranian government has opened the doors for foreign investments in renewable power plants, Financial Tribune reported.

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Iran has commissioned a $7.3 billion investments in an aim to diversify its energy mix that is dominated by oil and gas, the government's Spokesperson Mohammad Bagher Nobakht was quoted as saying.

The new spending will help significantly raise the share of renewable energies in a country with ample sunlight exposure and huge capacity for wind power, Nobakht said.

The Economic Council (of the government) has approved the bill for over 8,000 megawatts of renewable power projects, Nobakht added.

Recently, Iran signed a $2.9-billion preliminary agreement with Norway's Saga Energy and a $600-million contract with London-based Quercus to build solar power plants in the country.

Iran relies on its electricity demand from thermal power plants that run on fossil fuels.

Renewables account for a meager 420 megawatts, or less than one percent of its energy mix.

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