SearchEuropean Firms Pour Money Into Iranian Renewable Energy Projects

European Firms Pour Money Into Iranian Renewable Energy Projects... 24/10/2017 Economy

Keywords:#Alborz, #Danish, #Dubai, #Egypt, #European, #Forbes,, #Iran, #Iranian, #Middle_East, #Morocco, #Norway, #Shutterstock

When it comes to energy sources the Middle East may be synonymous with oil, but these days governments across the region are trying to develop other, greener sources of energy. That ought to have some environmental benefits for the countries concerned, but their main motivation is economic. Not only is the cost of providing subsidised oil and gas for rapidly growing populations becoming prohibitively expensive, governments also know that the less oil consumed at home the more they will be able to sell overseas at full price.
Given its climate, the region has plenty of potential when it comes to renewable energy. Huge solar power plants are sprouting up in the desert, such as the Mohammed Bin Rashid Al-Maktoum Solar Park in Dubai which, once completed in 2030, will cover 214 square kilometres. The likes of Morocco and Egypt have also been exploring the potential for wind power.
Iran is the most advanced in its development of renewable energy, mostly due to its past investments in hydropower schemes. Lately, however, it has been taking big strides in terms of wind and solar power, with a slew of new projects announced over the past few months.
The largest to date was unveiled on October 17 when Norway’s Saga Energy signed a €2.5bn ($2.9bn) deal with the state-owned Amin Energy Developers to build a solar power plant with generating capacity of up to 2GW over the next five years.
Wind turbines in the foothills of the Alborz mountain range in northwestern Iran. (Photo: Shutterstock)

* * * The deal is typical of many of the renewable energy deals in Iran in that it is a European company making the investment. Among other recent examples, Norway’s Scatec Solar has said it is in talks to build a 110MW solar power plant, worth around $132m; it could expand it to 500MW at a later date. In addition, Hashem Oraee, president of the Iran Wind Energy Association (IRWEA), recently told local media that Danish companies are ready to invest as much as $1bn in renewable energy projects in Iran.
---The Middle East may be best known for its oil output, but these days there is growing interest from investors around the potential for solar and wind power schemes, particularly in Iran. ---

Read more from Source »

Related articles based on keyword density
GLOBAL TOP 1000 WEBSITES 2016 – Ratak IT... 16/03/2017 News
Ratak introduces global Top Websites of 2016 Data for table Top201702 1,Abarkooh,Armenia,Bahram 2,Bahram 3,Britain,Caesar,Carus,...View Details»

ISIS: The Spoils of the "Great Loot" in the Middle East - FPIF... 02/07/2014 Politics
Adding yet more warfare to the current crisis in the Middle East will perpetuate exactly what the imperial powers set out to do: tear an entire region...View Details»

Iran’s water crisis the product of decades of bad planning - The Washi... 03/07/2014 Nature
By Jason Rezaian July 2 at 7:00 AM Follow @jrezaian TEHRAN — Iran is headed for a water shortage of epic proportions, and little is being done to re...View Details»

Western Allies Diverge Further Over Iran, With Europe Offering Finance... 26/09/2017 Politics
European banks have begun a fresh wave of investment in Iran, just as Washington launches another attempt at restricting links between the US and Iran...View Details»

Iran’s Zarif signs Paris Agreement on climate change ... 23/04/2016 Nature
*** Iranian Foreign Minister Mohammad Javad Zarif signs the Paris Agreement on climate change during a ceremony at the United Nations headquarters in ...View Details»