Iran has approved the attraction of $11.8 billion in foreign direct investment (FDI) during 2017, according to a report recently published on the Iranian Government’s official website. The Government has said that foreign investment is crucial for reviving its economy.
According to the report, energy (including renewable) and water projects has the largest share of FDI approval, with $8.1 billion due to go to 35 projects.
Iran is banking on foreign investment and technology to increase its installed generation capacity from 75 GW to 105 GW over the period 2016-21, under the sixth five-year development plan.
The report said that Iran needs $50 billion for the electricity sector, with $35 billion for power production, and $15 billion for transmission projects.
Measures have been taken to increase investment in renewable energy infrastructure. Iran told the Paris Climate Change Conference that it plans to increase renewable electricity capacity to 7500 MW, requiring at least $12 billion in investment.
Spain is investing $3.2 billion, Germany $2.96 billion, and China $895 million.