By the end of the decade, an investment fund in the United Kingdom is set to create one of the largest solar power projects in the world in Iran.
The deal between the Iran’s Ministry of Energy and Quercus is worth over €500m (£440m). It will bring about a giant 600MW solar project within the following three years by constructing a 100MW standalone installation every six months.
The chief executive of Quercus, Diego Biasi, said that the deal grants “an unrivalled opportunity” to tap into the immense potential in burgeoning renewable energy market of Iran, and an opportunity for Britain to develop its ties with the second largest economy of the Middle East as it prepares for the Brexit.
“Not only is this positive news for us, but also fantastic news for the UK, representing a major milestone for trade relations with Iran. Iran is seeing unprecedented levels of investments since the lifting of international sanctions, and we are proud to be leading the UK’s push into this market,” said Biasi.
The deal is the largest deal of Quercus outside of the United Kingdom and is part of the drive of Iran to build 5GW of renewable energy by 2020.
Iran’s Ambassador to the United Kingdom, Hamid Baeidinejad, stated that the said project shows the country’s commitment to developing renewable energy, particularly solar power. Iran experiences around 300 sunny days in a year.
“Iran, with its special geographic characteristics and position, will be a major hub of solar energy serving the region and beyond. This mega project is the foundation towards that goal,” stated Quasi.