Iran allocates USD138M towards promoting investments in renewable energy development

(MENAFN) The National Iranian Gas Company (NIGC) has allocated substantial funds towards promoting investments in renewable energy development since the current Iranian government took office in August 2021. According to Majid Chegeni, the managing director of NIGC, approximately 80 trillion rials (equivalent to about USD138 million USD) have been disbursed for this purpose.

Chegeni detailed that out of this total amount, 25 trillion rials (USD43.1 million) was spent during the Iranian calendar year 1400 (March 2021 - March 2022), while 30 trillion rials (USD51.7 million) was allocated and utilized in the subsequent Iranian calendar year 1401 (March 2022 - March 2023). Additionally, the current Iranian fiscal year's budget has earmarked another 30 trillion rials (USD51.7 million) specifically for advancing renewable power plant projects.

Highlighting recent achievements, Chegeni noted that over 18 trillion rials (USD31 million) has already been disbursed in the current Iranian calendar month (beginning June 21) for 57 renewable energy projects, as reported by Iran's Renewable Energy and Energy Efficiency Organization (SATBA).

Iran possesses favorable conditions for harnessing solar energy, and there has been a notable 28 percent increase in renewable electricity generation. Chegeni emphasized that utilizing renewable energies represents a sustainable solution to meet Iran's growing demand for electricity, promoting energy security, and mitigating environmental impacts.

Previously, Chegeni underscored the importance of diversifying Iran's energy mix to enhance economic growth, achieve energy security, and reduce environmental risks. The ongoing investments and initiatives in renewable energy underscore Iran's commitment to advancing its energy sector towards greater sustainability and resilience.

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