Renewable energy projects secure $4b funding
Iran’s Economic Council authorized the National Development Fund (NDF) to invest in building 8,000 megawatts of renewable energy capacity, with an estimated cost of around $3.95 billion, IRNA reported.
The approval follows a Leader-endorsed authorization allowing the fund to invest in the energy sector and a resolution by the NDF’s governing board. The fund will participate alongside private sector companies in building and expanding solar and wind power plants across the country.
Under the decision, the NDF may provide up to 80% of the total investment cost, proportionate to the share of the private company’s contribution, in compliance with relevant laws and regulations.
The measure aims to mobilize non-governmental companies to develop renewable energy sites nationwide, while the NDF is required to ensure the repayment of principal and a minimum annual return of 8% in foreign currency.
Electricity generated from these projects will be eligible for domestic consumption or export and will not be subject to any load management programs.