US sanctions hit 2.6 GW of solar projects in Iran - report

London-based Quercus Investment Partners Ltd will stop work on a 600-MW solar project in Iran following US President Donald Trump’s re-imposition of sanctions on Iran, Reuters reports.

Trump announced “the most biting sanctions ever imposed” last week and said in a tweet that “anyone doing business with Iran will NOT be doing business with the United States”.

Quercus CEO Diego Biasi told Reuters that the renewable energy investor would cease all activities in Iran, including the huge solar project, and it will be following the situation closely.

According to the news agency, Norway-based solar installer Saga Energy’s (OTCMKTS:SAGA) plan to build 2 GW of solar power capacity in Iran has also been affected by the sanctions, which make securing funds for the project more complicated. Rune Haaland, chief of operations at Saga, told Reuters the project could be delayed.

Quercus and Saga Energy’s projects in Iran were announced in the autumn of 2017. They supported the Iranian government’s plan to install 5 GW of new renewable energy capacity by 2022.

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