German company may invest $1B in Iran’s wind power projects

Business Materials 9 November 2014 10:56 (UTC +04:00)

Baku, Azerbaijan, Nov.9

By Fatih Karimov - Trend: A German company has recently put in a request to invest $1 billion in Iran's wind power projects.

Esmaeil Mahsouli, Iran's Deputy Energy Minister, said negotiations are underway with large European companies to invest in the country's power sector, Iran's Mehr news agency reported on November 9.

Mahsouli did not elaborate on details of the German company's investment.

A probable final agreement between Iran and the P5+1 on Iran's nuclear program would pave the way for international companies to come back to Iran's energy sector, he said.

Yusef Armodeli, managing director of the Renewable Energy Organization of Iran said in October that Iran is planning to produce 5,000 megawatts of electricity in the next five years using renewable energy sources.

The organization has comprehensive plans underway with respect to utilization of clean methods of energy supply, he added.

Power generation capacity in Iran has grown by seven percent annually during the past 10 years.

Iran is currently the biggest electricity producer in the Middle East.

Iran's total electricity generation currently stands at 70,000 megawatts.

Iran currently trades power with Turkey, Armenia, Turkmenistan, Azerbaijan, Pakistan, Afghanistan, Syria, and Iraq.