Norway’s Saga Energy has signed a $2.9 billion deal to build solar power plants in Iran. The deal was signed with Iran’s state-owned Amin Energy Developers. The deal, which still depends on finalising economic guarantees from Tehran, would see the construction of 2 GW of power generation capacity over a four- to five-year period, according to Rune Haaland, spokesman for Saga Energy.

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Haaland added that the company will use banks, pension funds, and Norwegian state export guarantees to fund the plan, and aims to recoup its investment through a 25-year deal on electricity prices.

Saga Energy and Lithuania’s SoliTek will produce the solar panels. Much of the remaining equipment, including all electronic installations, will be supplied by Delta Electronics of Taiwan. Haaland said that the objective was to build a plant in Iran to produce solar panels.