British renewable energy investment Quercus Investment Partners Ltd. will invest about €500 million ($600 million) in a 600 MW solar power project in central Iran. According to news agency »Reuters«,construction is expected to start in the first half of 2018 and will take three years, with each 100 MW standalone lot becoming operational and connecting to the grid every six months, to mitigate the risk for investors, says the article, citing Quercus officials.
Under the terms of the agreement signed by Quercus and Iran’s Ministry of Energy, the firm will be responsible for the construction, development and operation of the plant. As Quercus has appointed a local partner, Sunir, to help build the plant in conjunction with Spanish firm Bester, it may also benefit from a 15 percent uplift in the feed-in tariff. Under Iran’s renewables regime, the feed-in tariff may be increased by up to 30 percent if local equipment and components are used.
Iran’s installed solar energy capacity is currently 53 MW, according to »Reuters«, but 76 firms have signed deals to study building an extra 932 MW of capacity. Quercus has a portfolio of around 40 renewable energy plants across Europe. The Iran project is its first investment outside Europe, and came in response to client demand, says the article.
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