London-based Quercus Investment Partners Ltd. said Tuesday that the company plans to invest in a 600-megawatt solar project in Iran in its first move outside Europe, according to media in the U.K. on Tuesday.
The announcement said the renewable energy investor signed an agreement with Iran's Ministry of Energy to build the solar park incrementally with the commissioning of 100 MW every six months over a three-year period.
The Iranian government plans to install 5 gigawatts of new renewable energy capacity by 2020, accounting for 5 percent of its overall generation.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr