HomeDecentralized EnergyEquipment & TechnologyNorwegian solar specialist ignores Trump to add to Iranian capacity

Norwegian solar specialist ignores Trump to add to Iranian capacity

Saga Energy, the Norwegian solar company, has struck a $2.9bn preliminary agreementà‚ to install 2 GW of solar power capacity in Iran.

Reuters reports that the deal was signed between Saga and Iran’s Amin Energy Developers and is still subject to certain economic guarantees from the Iranian government, Saga Energy spokesman Rune Haaland told the news agency.
Saga solar
The investment will involve solar photovoltaic panel placement throughout the country and Saga will finance the project through bank loans and will also rely on pension funds and Norwegian state export guarantees. It expects to reimburse its investment through a 25-year off-take deal, the spokesman has said.

The solar panels will be made by Saga Energy and Lithuania’s SoliTek, while the rest of the equipment, including inverters, will be supplied by Taiwan’s Delta Electronics.

The move comes amid the backdrop of US President Donald Trump requesting further isolation of Iran, while threatening to cancel an earlier nuclear deal made with the previous US administration. Haaland said the deal would progress regardless.

In September, London-based Quercus Investment Partners Ltd unveiled plans to invest in a 600-MW solar project in Iran that will be one of the largest in the world when completed.