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Oil Markets Set For A Major Move To The Downside

Oil Markets Set For A Major Move To The Downside

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India Signs Deal with Iran to Develop its Renewable Energy Sector

Yousef Armodeli, the chief of the Iranian Renewable Energy Organisation (SUNA) has announced that India have signed an agreement to invest in Iran’s renewable energy sector with the construction of wind and solar projects.

India has promised to provide the Islamic nation with technical know-how, and help with the design, construction, installation, and launch of the renewable energy power plants; although precise details of the amount to be invested, or the types of renewable projects, is yet to be revealed.

Mr. Armodeli has stated that his government wants to use the renewable energy sector as one its macro policies, and that foreign investment is vital to the sectors growth.

Related Article: The Renewable Energy Illusion

Iran has the world’s fourth largest proven reserves of oil, and the second largest reserves of natural gas, yet they are determined to reduce their own domestic use of these fossil fuels and develop a strong renewable sector. A study by the Monash University and the Centre of Renewable Energy Research and Application in Tehran, the nation has the potential to develop 6.5 GW of power from solar and wind.

So far SUMA has signed contracts with the private sector for the development of 12,000 megawatts of electricity from renewable sources.

By. Joao Peixe of Oilprice.com

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