Iran’s renewables to hit key output milestone in 3 years: Minister
Iran’s energy minister says the country’s renewables sector will hit a key output milestone by 2028 amid efforts to reduce reliance on gas and oil-fired power plants.
Abbas Aliabadi said on Tuesday that Iran’s renewables capacity will “definitely” increase by 25 times in the next three years as he insisted that the government has the resources needed to meet the target.
Aliabadi said that Iran will use the funds that it normally spends on the supply of oil and gas to electricity stations to build modern renewable power plants.
The minister said that foreign investors have applied to participate in the Iranian renewables project although he insisted that the government would not disclose their names because of sanctions.
He said that Iranian and foreign investors have already applied to participate in the construction of 35,000 megawatts (MW) of renewable power plants in the country.
Aliabadi said that Iran's renewables capacity has been increasing by 20 MW per week in recent months, adding that the capacity is expected to reach over 2,000 MW by the end of the calendar year in late March and to further increase to 5,000 MW in September.
The comments come nearly a month after the Central Bank of Iran announced that the banking system in the country will offer up to $5 billion worth of loans to builders of renewable power plants in the next four years using finances made available by Iran’s sovereign wealth fund.
The loan program is part of a government campaign to offset electricity production issues caused by fuel shortages in the country's thermal power plants.
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