Iran welcomes foreign Investment in renewables

TEHRAN, Oct. 06 (MNA) – The head of the Renewable Energy and Energy Efficiency Organization of Iran – a state-owned entity also known as Satba – announced the Energy Ministry’s readiness for attracting foreign investors in the country’s renewable sector.

Staba chief, Mohammad Sadeghzadeh, noted that the government welcomes foreign investments in the renewable ventures in a bid to increase the clean energy’s share in the country’s energy mix as well as exporting the renewables output.

He was addressing the second IORA Renewable Energy Ministerial Meeting in Greater Noida, India.

Indian Ocean Rim Association (IORA) comprises Australia, Bangladesh, Comoros, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, Seychelles, Singapore, Somalia, South Africa, Sri Lanka, Tanzania, Thailand, the UAE and Yemen.

The Energy Ministry has called on Satba to prepare the ground for private sector investment in and export of renewables.

Satba is obligated to devise the regulations and establish the infrastructure for investors to generate and sell electricity to foreign buyers.

The scheme could also help to harness renewable energies, including geothermal, solar and wind power for domestic use.

The country’s power output currently stands at about 80 gigawatts. The lion's share of power is produced with the help of fossil fuel-based power plants. The share of renewables in Iran’s energy mix is as low as 612 MW.

MR/4421526

News Code 138384

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