Quercus to develop huge 600 MW solar project in Iran
UK-based renewables investor Quercus Investment Partners has signed a deal to develop, build and run a 600-megawatt (MW) solar farm in Iran.
The project will involve a total investment of £440 million (US$594 million) with construction planned to begin next year and commissioning scheduled for 2021.
Under the terms of the agreement signed by Quercus and Iran’s Ministry of Energy, the firm will be responsible for the construction, development and operation of the plant.
Quercus has appointed Iran-based Sunir, and Spanish firm Bester as contractors for the plant. The project may also benefit from a 15% uplift in the feed-in tariff. Under Iran’s renewables regime, the feed-in tariff may be increased by up to 30 percent if local equipment and components are used.
Construction works are projected to be completed in stages with 100 MW sections coming online every six months. This aims to reduce investor risk.
Quercus CEO Diego Biasi said:
“As Iran opens for business, we are delighted to be taking a leading role in building the country’s renewable energy infrastructure at such an early stage of its development.”
Iran currently has 63 MW of installed solar capacity, chiefly in the cities of Yazd, Kerman, Isfahan and Hamadan. The has set a target to install 5 GW of renewable energy capacity by 2020 as part of efforts to meet rising demand for electricity while cutting air pollution and carbon emissions. The country’s sunny climate makes it especially suited to solar power generation.
Diego Biasi added:
“Iran, with its special geographic characteristics and position, will be a major hub of solar energy serving the region and beyond. This mega project is the foundation towards that goal,”
We have lately informed abouth other solar projects in Iran:
