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Minister unveils bids for 140,000 MW projects with foreign currency
‘Gov’t bent on reducing reliance on fossil fuels’
Energy Minister Abbas Aliabadi announced on Tuesday that the ministry had received applications for the construction of more than 140,000 megawatts of power plant capacity from investors holding foreign currency reserves, as the country pushes to expand renewable energy and reduce dependence on fossil fuels.
Speaking to journalists, Aliabadi said the government was seeking to make Iran’s energy sector less reliant on fossil fuels, describing the shift as beneficial both environmentally and economically.
“President Masoud Pezeshkian supports this program, which aims to diversify the country’s energy supply basket and reduce reliance on fossil fuels,” he said, adding that the plan would continue “with strength and power.”
Iran, one of the world’s largest holders of oil and gas reserves, has in recent years faced mounting pressure on its electricity grid due to rising domestic demand, aging infrastructure and recurring summer shortages.
Aliabadi said the country planned to increase renewable power generation capacity to 30,000 megawatts by the end of the sitting administration, while also lowering costs and accelerating project implementation.
The energy minister said renewable energy capacity had expanded to nearly five times the level that existed before the current government took office, adding that several new power plants would soon be inaugurated.
The minister also highlighted Iran’s hydroelectric and pumped-storage capabilities, saying they could help the country store electricity more effectively as renewable generation expands.
“Our plan for developing renewables is to carry out this work in a dispersed manner to reduce vulnerability,” he said.
Addressing concerns over financing and access to foreign currency, Aliabadi said many investors interested in renewable energy projects already possessed foreign exchange resources.
“We have over 140,000 megawatts of power plant applicants in Iran who themselves have foreign currency,” he said. “Therefore, we hope we will not face currency problems.”
The minister added that multiple renewable energy projects were expected to become operational by the end of the year and early next year.