Iran eyes increasing investment in renewable energy

By Trend

Iran is seeking to attract foreign and domestic investors in the renewable energy sector as the power consumption in industries grows, Managing Director of Mehrabad Renewable Energy Company told Trend in an interview.

The power consumption in industries including steel, petrochemical, and cement has increased 40 percent in the past three years, Mohammad Pour Ahmadi.

Iran Minister of Energy recently noted the country's good potential in renewable power generation and the need to develop renewable energy.

Following the Joint Comprehensive Plan of Action (JCPOA), Iran's renewable energy sector attracted the highest rate of foreign investors compared to other sectors that were later followed by domestic investors leading to the construction of big power plants projects in the country.

The previous administration approach and its delayed debt payment have caused foreign and domestic investors to avoid investment in the construction of power plants due to considerable risks.

MahTaab Developer Company, the biggest renewable power generation company has still not received its payment.

The government delayed debt to domestic investors is 60 trillion rials (about $1.4 billion) that slowed the process of investment in the renewable energy sector and only major investors such as MAPNA and SHASTA succeeded to obtain their demands.