Dubai-based company eager to finance projects in Iran

TEHRAN (Tasnim) – Yellow Door Energy, a company with technical expertise in solar energy projects in the Middle East, has expressed willingness to finance two solar power plants in Iran.

Representatives of the company, which is headquartered in the Emirati city of Dubai and is mostly owned by Adenium Energy Capital, held a meeting at the Renewable Energy Organization of Iran to propose their plans for financing two solar power plants in the country.

If a final deal is clinched, the firm will finance two 50 megawatt solar power plants in Iran’s provinces of Fars and Hormozgan.

Launched in the United Arab Emirates in November 2015, Yellow Door Energy has signed contracts to finance solar systems in Dubai for commercial entities such as businesses, schools and government offices.

Growing enthusiasm for investment in Iran follows the January implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

Italian company Finergy has also plans to construct solar power plants in the Iranian cities of Kerman, Yazd, and Shiraz with a total capacity of 10 megawatts.

Iran has in recent years formulated plans to diversify electricity generation from plants that use renewable energy sources, such as wind or solar power.

The country’s electricity industry ranks 14th in the world and first in the Middle East in terms of electricity generation by having an installed power generation capacity of 67,806 MW.

Solar photovoltaic generation, known as PV, contributes 96 to 98 percent less greenhouse gases than electricity generated from 100 percent coal, according to the Energy Research Center of the Netherlands.