Iran ready to host ECO Clean Energy Center

June 25, 2021 - 12:59

TEHRAN – Iranian Energy Minister Reza Ardakanian has announced the Islamic Republic’s readiness for hosting the Economic Cooperation Organization's (ECO) Center for Clean Energy, IRIB reported.

Speaking at the ECO’s 4th ministerial meeting on Thursday, Ardakanian stated that the Iranian Energy Ministry has several programs for the development of energy exchange with the countries of the region on the agenda so that the country's geopolitical capacity can be maximally used in global energy markets.

He further suggested that ECO should establish a regional energy corridor to promote cooperation, exchange of knowledge and experience, and use the capacities and potentials of the countries in the region.

Creating such a corridor can lead to the expansion of energy exchanges for a sustainable energy supply, and will also promote the development of various power plants, especially renewable ones, to supply the energy needs of the region, Ardakanian said.

The official noted that the ECO region enjoys rich human and natural resources, energy reserves, capable private sectors, and privileged advantages of regional connectivity.

He said that sustainable energy supply and exchanging electricity can guarantee the security of countries and provide them with sustainable economic income.

“This can be made possible by connecting the electricity grids of neighboring countries, and this "cross-border connection of power grids" can not only pave the way for the transmission of electricity to neighboring countries, but also improve the reliability and resilience of the region’s power grids,” he stressed.

Elsewhere in his remarks, Ardakanian underlined the significant potentials of the Iranian renewable market for foreign investors, and said: “Having great renewable energy sources such as solar, wind, biomass, and geothermal, Iran is offering long-term contracts for guaranteed purchase of electricity at incentive rates, so the country’s renewable energy market, with its high potentials, is a very attractive market for foreign investors.”

The official put the country’s installed renewable capacity at 877 megawatts (MW), saying that all of the country’s renewable power plants have been constructed and established using the private sector investment.

“Over 160 companies are currently active in the field of renewable energies in the country,” Ardakanian said.

EF/MA

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