Chinese co signs pact for 200-MW PV factory in Iran

The Industrial Development and Renovation Organization of Iran has formed a partnership with a Chinese company in a drive to attract foreign investments for the construction of a 200-MW solar panel factory in Iran.

The organisation says in a statement on its website that it entered into a memorandum of understanding (MoU) with China’s Znshine PV-Tech Company as they seek to set up an automated production line for solar photovoltaic (PV) modules. The deal is worth some EUR 20 million (USD 24m), according to the announcement.

Upon completion of the facility, the PV panels to be manufactured there will be able to generate more than 300 GWh of electricity per year.

As previously reported by Reuters, Norway-based solar installer Saga Energy (OTCMKTS:SAGA) struck a EUR-2.5-billion preliminary agreement to install 2 GW of solar power generating capacity in Iran over the next four-to-five years.

(EUR 1.0 = USD 1.176)

Choose your newsletter by Renewables Now. Join for free!