Iran approves massive foreign investments in renewable energies

The Iranian government has opened the doors for foreign investments in renewable power plants, the Financial Tribune daily reported on Saturday.

Iran has commissioned a bill of 7.3 billion US dollars in investments with the aim of diversify its energy mix, which is currently 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-US-dollar preliminary agreement with Norway's Saga Energy and a 600-million-US-dollar contract with London-based Quercus to build solar power plants in the country.

Iran relies on electricity 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.

(ASIA PACIFIC DAILY)