Baku, Azerbaijan, Oct. 8
By Fatih Karimov – Trend:
A company from South Korea will invest in construction of a solar power plant in Southern Iran, Hamzeh Sarouei, head of Fars Islamic Azad University, said.
South Korea's KTC co. has signed a deal with the university, worth $600 million to build a solar power plant in Fasa city, Fars Province, said, Sarouei said, IRNA news agency reported Oct. 8.
The solar power plant which will be built with cooperation of the Fars Islamic Azad University in an area of 150 hectares will have a capacity to produce 200 megawatts of electricity, he added.
The South Korean company is committed to transfer the technology for the power plant construction to Iran as well, Sarouei said, adding that the project is expected to be completed during a 15-month period.
The project will be financed under the BOT (build-operate-transfer) arrangement, he said.
Iran is the biggest electricity producer in the Middle East and North Africa, operating thermal and, to a lesser extent, hydro power plants. The country has a significant renewable energy potential. The wind capacity only is estimated at 30,000 megawatts.
Iran currently produces 74,000 megawatts of electricity, but plans to raise the figure to more than 120,000 megawatts within the next 10 years.
The government is eyeing renewables as a new alternative to fossil fuels, which constitute about 90 percent of Iran’s energy mix.