Iran is working on regulations to attract investment in renewable energy, according to Elham Aminzadeh, adviser to President Hassan Rouhani, as the nation considers solar, wind and hydro power as ways to diversify from regular crude-based fuel.

The government is working on laws designed to be as attractive for foreign investment as they are for domestic companies, Aminzadeh told a renewable energy conference Sunday in Tehran.

There is potential for 30,000 megawatts of hydroelectric power in Iran, with $12 billion of investment needed to complete 15,000 megawatts, according to Mohammad Reza Rezazadeh, managing director of state-owned Iran Water & Energy Resources Development Co. Some 11,700 megawatts of hydro power is already operating, and the Ministry of Petroleum is working to add 5,000 megawatts in the next three years, he said in an interview at the conference.

(Source: Bloomberg)