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Norway's Saga Energy sign $2.9bn solar power deal with Iran’s Amin Energy

EBR Staff Writer Published 18 October 2017

Norway’s solar installer Saga Energy has reportedly signed €2.5bn ($2.9bn) agreement with Iran’s state-owned Amin Energy Developers for the installation of 2GW of solar capacity in Iran.

The preliminary agreement involves construction of 2GW power generation capacity over a four- to five-year period.

Saga Energy spokesman Rune Haaland was reported by Reuters as saying that the deal is subject to finalizing economic guarantees from Tehran.

The firm plans to fund the project through banks, pension funds and Norwegian state export guarantees.

While Saga and Lithuania’s SoliTek will produce the solar panels, much of the remaining equipment will come from Taiwan’s Delta Electronics Inc.

“They will provide all the installations of electronics such as inverters, for example,” Haaland said of Delta.

The deal comes days after US President Donald Trump imposed further sanctions on Iran and announced not to certify the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal.

Norwegian ambassador Lars Nordrum was quoted by Agence France-Presse (AFP) as saying: "Norway is fully committed to the JCPOA (nuclear deal) and this is proof that we have taken the opening very seriously, and we will see more investment very soon.”

Haaland added: “We are a little bit worried about what Trump is doing, we are very much in favour of the atomic deal, but we will of course continue with our plans whatever Trump does, no doubt about that, nothing can change that.”

Image: Norwegian firm will build solar panels in Iran. Photo: courtesy of RK008/ FreeDigitalPhotos.net.