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Iran welcomes investment in renewable energies

Iranian Energy Minister Ali Akbar Mehrabian said his ministry welcomes foreign investment in the country’s renewable energy industry, Teheran Times reported

Iran welcomes investment in renewable energies

Teheran, October 20 - Neftegaz.RU. Speaking in the 2nd Belt & Road Energy Ministerial Conference which was held in China through video conferencing, Mehrabian said:
  • The current government has a 4-year plan to increase the capacity of the country’s renewable power plants by 10,000 megawatts
Referring to Iran's potentials and capacities in the renewable energy industry, the official announced the country’s readiness to attract investment to develop the renewable energy industry for a green and inclusive energy future in Iran.
He stressed:
  • Iran, like other responsible countries, has prioritized the issue of reducing greenhouse gas emissions and adapting to climate change, and seeks an ideal world free of pollution
Considering the high potential of the country’s renewable energy sources such as solar, wind, biomass, and geothermal, Iran's renewable energy market is a very attractive market for investors and the Energy Ministry is offering long-term contracts with attractive incentive rates to investors, Mehrabian explained.
He added:
  • Iran has a law on foreign investment support and protection and is providing a great economic opportunity for investors in the energy industry to establish renewable power plants in the country
Renewables, including hydropower, account for about 7% of Iran’s total power generation, versus natural gas’ 90 % share.

Based on Iran’s 6th 5-Year National Development Plan (2016-2021), the country was aiming for 5,000 MW increase in renewable capacity to meet growing domestic demand and expand its presence in the regional electricity market.
But in the final year of the plan, only 1/5 of the figure has been achieved.

Iran was supposed to become a regional hub in the field of energy in 2011-2021, but evidence shows that the country is facing a shortage even in the supply of electricity inside the country, an issue that many believe that could be achieved by developing renewable energy and increasing efficiency of the thermal power plants.

After the JCPOA, known commonly as the Iran nuclear deal, in July 2015, many foreign delegations came to Iran for making investments and constructing renewable power plants in the country.
However, following the re-imposition of the U.S. sanctions, foreign investment in the country’s renewable industry has fallen significantly.

Source : Neftegaz.RU

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