UK investment fund in deal to build one of world’s largest solar farms in Iran

UK investment fund in deal to build one of world’s largest solar farms in Iran

Agreement between British Quercus and Iranian Ministry of Energy is worth some $600 million

An illustrative of solar panels. (iStock/Getty Images)
An illustrative of solar panels. (iStock/Getty Images)

A UK investment fund has signed a deal to build one of the world’s largest solar power plants in Iran over the next three years, in a project worth close to $600 million.

The chief executive of the fund, Quercus, told the Telegraph on Friday the deal with the Iranian Ministry of Energy offers “an unrivaled opportunity” to tap into Iran’s renewable energy market and deepen ties between Britain and Iran, two years after an historic deal was signed with the world powers to lift punishing sanctions in exchange for Iran curbing its nuclear program.

“Not only is this positive news for us, but also fantastic news for the UK, representing a major milestone for trade relations with Iran. Iran is seeing unprecedented levels of investments since the lifting of international sanctions, and we are proud to be leading the UK’s push into this market,” said Diego Biasi.

Quercus specialized in renewable energy projects around the world. The deal with Iran includes developing, building and operating a 600-megawatt solar project by 2020, for which Quercus specialist teams will operate from Dubai and Tehran to deliver on the farm, according to a report in the Iranian state-run Press TV.

According to the report, Iran currently has just 63 megawatt of installed solar capacity, mainly in big cities — a low figure for a country with roughly 300 days of sunshine a year.

Iran’s Ambassador to the UK, Hamid Baeidinejad, told the Telegraph that Iran “will be a major hub of solar energy serving the region and beyond. This mega project is the foundation towards that goal.”

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