UK fund to build one of world’s biggest solar farms in Iran

  • A UK investment fund is set to build one of the world’s largest solar power projects in the world in Iran by the end of the decade.
  • The deal between Quercus and Iran’s Ministry of Energy is worth over €500m (£440m) and will bring forward a giant 600MW solar project within the next three years by building a 100MW standalone installation every six months.
  • Diego Biasi, chief executive of Quercus, said the deal offers “an unrivalled opportunity” to tap into the huge potential in Iran’s burgeoning renewable energy market, and an opportunity for Britain to deepen its ties with the Middle East’s second largest economy as it prepares to leave the European Union.

A UK investment fund is set to build one of the world’s largest solar power projects in the world in Iran by the end of the decade.

A UK investment fund is set to build one of the world’s largest solar power projects in the world in Iran by the end of the decade.

The deal between Quercus and Iran’s Ministry of Energy is worth over €500m (£440m) and will bring forward a giant 600MW solar project within the next three years by building a 100MW standalone installation every six months.

Diego Biasi, chief executive of Quercus, said the deal offers “an unrivalled opportunity” to tap into the huge potential in Iran’s burgeoning renewable energy market, and an opportunity for Britain to deepen its ties with the Middle East’s second largest economy as it prepares to leave the European Union.

“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,” he said.

The deal is Quercus’ largest deal outside of the UK and is part of Iran’s drive to build 5GW of renewable energy by 2020.

Hamid Baeidinejad, Iran’s Ambassador to the UK, said the project demonstrates the country’s commitment to developing renewable energy, and in particular solar power. Iran enjoys around 300 sunny days a year.

UK fund to build one of world’s biggest solar farms in Iran