News ID: 232665
Published: 0400 GMT October 12, 2018

Asian companies ready to enter Iran's renewable energy sector

Asian companies ready to enter Iran's renewable energy sector

After the withdrawal of large European companies involved in alternative renewable energy sector from Iran, the Asian companies entered this sector, said the head of Iran Renewable Energy Association.

Moslem Mousavi noted that this year, small- and medium-sized companies from countries such as South Korea, India, Pakistan, the United Arab Emirates, China and Turkey have entered Iranian market to invest in alternative renewable energy sector, IRIB reported.

He noted that revenues of foreign investors in alternative renewable energy sector have decreased due to destabilization in foreign currency market.

"With the increase in the value of foreign currency, incomes of these companies decrease. The Ministry of Energy has put forward a proposal to tackle the issue. To be more exact, it is proposed that permission will be granted to local and foreign private companies to export the electricity they generate," he elaborated.

"If the earnings of investors are calculated in foreign currency, it will be profitable, and the investors will be stimulated to invest," Mousavi said. He added that this process, in turn, will give a boost to the renewable energy sector and export to neighboring countries.

Mousavi pointed out that foreign investments have significantly decreased due to destabilization in the foreign currency market and sanctions imposed on Iran.

"Investors who came to Iran earlier, have left the country, and the companies which remained in Iran, have encountered the mentioned problems. Companies such as MAPNA and Taban which are involved in the production of equipment generating alternative renewable energy, also couldn't import their equipment following the destabilization in the foreign currency market. The destabilization of foreign currency market is one of the main problems for investors," Mousavi said.

   
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