Dutch company Global Renewables Investments has won a deal worth about $90m to build wind and solar parks in Iran.

The agreement was signed during a state visit by the Dutch government to Iran and witnessed by Iran’s Energy Minister Hamid Chitchian and the Dutch Infrastructure and Environment Minister Schultz van Haegen-Maas.

Global Renewables Investments plans to develop the projects with Chinese EPC company SUMEC and other partners, including three Iranian firms.

Though economic sanctions with Iran have been partially lifted, foreign investment in the country has so far been scarce.

However, Global Renewables Investments says that “with Iran committed to the 2015 Paris climate deal”, it is “confident that bankable renewable energy projects can now be delivered”.

Global Renewables Investments co- founder Gerben Pek said: “Doing business in Iran calls for a collaboration of open-minded, international commercial partners that possess the necessary skill sets and integrity to succeed. With its huge market potential and warmth towards the international business community, we are convinced that Iran is on the brink of becoming one of the great success stories.”