Iran’s Energy Minister Hamdi Chitchian has announced the country’s plan to put out a tender to draw USD12 billion of foreign investment for development of a series of utility-scale renewable energy projects.
Iran plans to launch 5 gigawatts of renewable energy in the next five years and an additional 2.5 gigawatts by 2030 following the removal of anti-Tehran sanctions, Iranian energy minister said in an interview with Bloomberg in London.
“We’re not going to use the money from oil in that sector at all,” he said.
“All the investment will be done by the private sector, including local and foreign companies.”
Iran currently supplies 80 percent of its power from natural gas and wants to raise that figure to 90 percent by the end of next year.
Anti-Tehran sanctions were lifted after Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached an agreement on the Islamic Republic's peaceful nuclear program and started implementing it on January 16.