TEHRAN– Contracts to set up solar and wind power plants, generating 1000 megawatts of electricity, will be concluded by March 19, 2016 which marks the end of current Iranian calendar year, said Iranian Deputy Energy Minister Houshang Falahatian.

According to Falahatian, the contracts are mostly negotiated with Iranian companies, among others, according to the Islamic Republic of Iran Broadcasting (IRIB).

In the course of next ten years, Falahatian said, Iran aims to generate as much as 50,000 MW of electricity, ten percent of which is slated to be generated from renewable sources.

To meet the ten-year target of 50,000 MW, he said, 50 new power plants are planned to be constructed.

He put the current total electricity generation capacity of solar and wind power plants at 250 MW, saying this figure would increase 20-fold over the next ten years.

According to the officials, Iran has the potentiality to generate 40,000 MW of electricity from solar and wind resources.

On December 20, Falahatian had said the country’s power plants are slated to see an efficiency rise from the current 32 or 33 percent to 45-47 percent over a three-year time span. 

During the next Iranian calendar year when west-engineered sanctions against Iran are removed, he noted, the foreign companies, interested to invest in Iran’s power plants’ construction would face no problem in financial transactions, including money transfer and foreign currency exchange.

Iranian Energy Minister Hamid Chitchian has also said a number of electricity generation projects, worth €28 billion, are planned to be offered to foreign investors.

During the next ten years, he said, the country requires $5 billion of investment per year in generation, transmission and distribution of electricity.

SJ/MA