Iran ready to attract investment in renewable energy sector - minister

Iran Materials 19 October 2021 14:10 (UTC +04:00)
Iran ready to attract investment in renewable energy sector - minister

TEHRAN, Iran, Oct. 19


Iranian Minister of Energy announced the country's readiness to attract investment in the renewable energy sector, Trend reports citing IRNA.

Iran`s Minister of Energy, Ali Akbar Mehrabian made remarks at the second meeting of "Green energy future" in China, held using video conferencing, today on Monday.

"Iran's capacity to generate renewable energy has been increased in recent years," said Mehrabian.

He said that the current administration of Iran has a four-year plan to increase renewable energy generation by 10,000 MW.

Iranian Energy Minister announced the country's readiness to sign long-term contracts with investors.

Iran’s geography and climate are highly suitable for the various forms of renewable energy technology, he indicated.

The Iranian government is pushing for a move away from the use of hydrocarbons as a source of electricity production. This will free up oil and gas for export and allow electricity to be produced more cost-effectively. Iran’s policymakers have recognized the potential of the renewable energy sector and have taken steps to exploit it.

The Iranian government in its 5th Development Plan (2010 to 2015) announced plans to install 5,000 MW of renewable energy by providing incentives, such as minimum tariff rates, to the private sector to invest in the sector.

This target was too ambitious to achieve in a country where the renewable energy sector is in its infancy. International sanctions were also a contributing factor in Iran failing to meet this target.

The summit was attended by more than 15 energy ministers and officials from various countries, including Saudi Arabia, the Republic of Azerbaijan, Algeria, Pakistan, Cuba, and Serbia.