UK's Quercus unveils plans for 600-MW solar park in Iran

London-based Quercus Investment Partners Ltd said today it will invest in a 600-MW solar project in Iran in its first move outside Europe.

The renewable energy investor has signed an agreement with Iran's Ministry of Energy, under which it will develop, build and operate the solar power plant that will be one of the largest in the world when completed. Building the solar park is expected to take three years, with a portion of 100 MW to be commissioned every six months.

"As Iran opens for business, we are delighted to be taking a leading role in building the country’s renewable energy infrastructure at such an early stage of its development," said Quercus chief executive Diego Biasi.

According to the company, the project represents one of the largest single investments in Iran's energy sector by a UK firm since the lifting of international sanctions in 2016. It says the Iranian government has taken steps to bolster the renewable energy market, including an objective to install 5 GW of new renewable energy capacity by 2020, accounting for 5% of generation.

According to the press release, Quercus is launching the project following demand from investors and the firm has already secured significant commitments from private and institutional clients.

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