By John Lee.
UK-based renewable energy investor Quercus will reportedly invest over half a billion euros in a solar power project in Iran.
Chief executive Diego Biasi (pictured) told Reuters that construction of the 600-megawatt (MW) plant will start in the first half of 2018.
He added that the firm embarked on such a big project to get an endorsement from Iran’s Ministry of Energy:
“This is a project of national interest, so we got special support. We had enough investors interested so instead of splitting that across smaller projects which wouldn’t have given us the same relationship with the Ministry, we decided to go for one.”
Construction will take three years, with each 100 MW standalone lot becoming operational and connecting to the grid every six months.
Quercus appointed Sunir (Iran Power & Water Equipment and Services Export Company) as a local partner, in conjunction with Spanish firm Bester.