UK’s Quercus plans to build €500m solar power farm in Iran

Published Date : Sep 21, 2017

A UK based green investment company, Quercus is planning to build one of the largest solar power plant on the lands of Iran, featuring European investor enthusiasm towards country’s adoption of renewable energy despite its diplomatic tensions with the US. Quercus has revealed that it had issued an agreement with energy ministry of Iran to build solar power farms in central Iran. This solar project would rival the largest solar plants build so far in the U.S., India, and China.

A Huge Step of Iran towards its Goal of Becoming a Hub for Solar Energy

Chief Executive of Quercus, Diego Biasi shared that the €500m deal disclosed that Iran is open for business and this could be a huge opportunity for market investors in the field of renewable energy. To meet the increasing demands of energy and need for reducing carbon emissions, Iran has set a target of installing renewable energy resource that would produce over 5 gigawatts energy, as much as five nuclear reactors. This initiative will be an inspiration to all the countries around the world, and motivate them to adopt clean energy sources over fossil fuels.

Iran has potential of generating high solar energy owing to its sunny climate. Iran’s ambassador, Hamid Baeidinejad said to UK that this deal of installing solar plant in Iran would take them closer to their goal of becoming a leading solar energy generator and serve the world with clean energy. The global shift towards renewable energy is gaining momentum due to falling costs of wind turbines and solar panels in the region of Middle East, Africa and Asia. This scenario is attracting numerous investors, further increasing the rate of clean energy adoption.