Iranian & Spanish Companies Sign Agreement For Cooperation On Renewable Energy

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With the isolation of Iran expected to end following a landmark deal on the country’s nuclear program, countries across the world are looking to enhance cooperation with the Islamic republic.

Spain has signed an agreement with Iran to boost cooperation in Iran’s renewable energy industry, and will extend technical cooperation in designing and manufacture of renewable energy equipment.

The agreement was signed between Iran’s Sunir (an exporter of electrical equipment) and Spain’s Bester (a renewable energy project developer). Bester will work as a consultant to Sunir, presumably on various technical aspects of renewable energy generation, for 18 months, and the two companies are then expected to jointly develop renewable energy projects in Iran.

Iran has been looking to increase its renewable energy capacity, and is aiming to have an installed renewable energy capacity of 5 GW by 2018, most of which would be based on wind energy technology. The Iranian government also intends to initially develop at least 500 MW of solar power. Construction on 400 MW capacity has already been started, while contracts for 900 MW worth of projects have also already been signed.

The Iranian Government is offering significant incentives to prospective project developers with high feed-in tariffs and subsidies on capital costs incurred for the development of solar power projects.

Last year, Iran also signed an agreement with Azerbaijan to develop renewable energy projects. The State Agency for Renewable & Alternative Energy Sources of Azerbaijan expressed its willingness to help Iran and its project developers. An Azerbaijani company ASPI Consulting Engineers Inc had earlier participated in exploring the feasibility of implementing small hydro power projects on the Iranian coast of the Caspian Sea.

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