Iran renewable energy and solar expansion

Iran is implementing large-scale renewable energy initiatives focused on solar power expansion and infrastructure financing. Initial efforts involve capital market offerings, such as the ‘Noor’ solar project fund, which aims to finance 500 megawatts of capacity across nine provinces through a 5 trillion toman initial public offering. Additionally, the Manjil renewable energy power plant is scheduled for an IPO on the Iran Fara Bourse. Building on these financial mechanisms, the government has established a national target to produce 30,000 megawatts of renewable electricity within two years. To achieve this, President Masoud Pezeshkian pledged land and financial backing for domestic solar panel manufacturers. The expansion includes significant regional growth, such as increasing Tehran province’s solar capacity from 23 to 400 megawatts and a 30-fold increase in North Khorasan province. The Central Bank of Iran has indicated readiness to provide resources, with approximately $1.7 billion mentioned for the sector. During the inauguration of 95 megawatts of solar power plants in Tehran province, President Pezeshkian reaffirmed that the government will provide land and ‘full financial support’ to domestic solar panel manufacturers without restrictions. To facilitate this transition, the Minister of Energy announced plans to simultaneously launch 600 megawatts of solar power plants nationwide. In North Khorasan, local authorities aim to increase provincial output from 3 megawatts to 100 megawatts, a plan that includes equipping 50 schools with solar panels and establishing a ‘green high school’ in Bojnurd to generate surplus energy for the grid. The Renewable Energy and Energy Efficiency Organization (SATBA) has now launched the subscription process for the ‘Noor’ solar power project fund to connect public capital with national electricity infrastructure. The fund covers 106 solar power plants with a total capacity of approximately 500 megawatts across provinces including Khuzestan, Bushehr, East and West Azerbaijan, Ardabil, and Sistan and Baluchestan.