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    Iran Approves $3 Billion Foreign Investment in Renewable Energies

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    Iranian Finance Ministry has approved applications for a total of $3 billion foreign investments in the country’s renewable energies, Energy Minister Hamid Chitchian said.

    MOSCOW (Sputnik) — The applications came for investments in 1,500 megawatts of renewable energies, the local IRNA News agency wrote, citing Chitchian’s speech at a local ceremony on Saturday at the Shahid Mofatteh Power Plant in the province of Hamedan.

    The minister added that the country plans by 2030 to set up renewable power plants that would generate 75,000 megawatts, stressing that Iran has committed to cut greenhouse effects and has prepared all necessary conditions to expand the use of renewable energies.

    According to Iran’s sixth Five-year Development plan, the country plans to construct several new power plants with a total capacity pf 26,000 megawatts, which would bring the power generation capacity via renewable sources to 5,000 megawatts, with the current level being around 200 megawatts.

    Recently, the Middle Eastern and Asian countries started to work on development of alternative energy sources, planning to gradually lessen the oil consumption.

    Saudi Arabia announced its plans to develop renewable energy to use it internally and for export as part of the 2030 development strategy, focusing on wind, solar and nuclear energy.

    China announced said in January it was going to invest 2.5 trillion yuan ($359.8 billion) in the development of renewable energy resources,  solar, water power, geothermal and wind energy as well as non-fossil energy.

    In India, renewable energy company ReNow Power was granted $390 million to support the company’s solar and wind power projects across the country.

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    Tags:
    power, solar energy, renewable energy, China, Iran
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