Renewable energy is booming in Iran, where installed capacity is expected to grow at least sevenfold over the next five years, despite US President Donald Trump’s more confrontational attitude toward Tehran.
Iran’s latest deal was signed on Tuesday, when Norway’s Saga Energy concluded a $2.9 billion deal to build solar power plants in the oil-producing country.
Trump said last Friday he may ultimately terminate the 2015 nuclear deal, which could mean some international sanctions may be restored.
As a result, some companies already invested in Iran said they would be taking a “wait-and-see” approach, such as Greek conglomerate Mytilineos Holdings, which built a 10-megawatt/annum solar farm in Iran.
“We are monitoring developments before making any new project plans,” spokeswoman Antigoni Fakou told Reuters.
Others said they would continue with their investments, including Quercus and GRI. “We won’t change our strategy on Iran,” GRI co-founder Gerben Pek told Reuters.