OSLO (Reuters) – Norway’s Scatec Solar is in talks to build its first solar power plants in Iran, its chief executive told Reuters, joining a wave of foreign energy firms looking to invest in the oil major.
The Oslo-listed firm, which builds and operates solar power plants worldwide, wants to generate 120 megawatts of power in Iran, rising to 500 MW later.
“I wouldn’t like to say by when we expect a signed deal but we are actively working on it,” CEO Raymond Carlsen said in an interview.
The initial project under discussion would cost $120 million per 100 MW installed, he said, or roughly $132 million.
Iran’s firms and 80 million inhabitants are heavily reliant on natural gas and oil to generate power. However, air pollution is helping drive Iranian interest in expanding renewable energy capacity.