Iran’s National Iranian Gas Company Invests $138 Million In Renewable Energy

Since August 2021, the National Iranian Gas Company (NIGC) has invested 80 trillion rials (approximately $138 million) to promote and stimulate investments in developing renewable energy projects across Iran, according to the company’s managing director.

Majid Chegeni reported that during the Iranian calendar year 1400 (March 2021-March 2022), 25 trillion rials (about $43.1 million) were disbursed for this purpose, and in the subsequent Iranian calendar year 1401 (March 2022-March 2023), the expenditure increased to 30 trillion rials (around $51.7 million).

Highlighting ongoing efforts, Chegeni mentioned that this year’s national budget has earmarked 30 trillion rials (approximately $51.7 million) specifically for the advancement of renewable power plants. Recent data from Iran’s Renewable Energy and Energy Efficiency Organization (SATBA) indicates that over 18 trillion rials (about $31 million) has been allocated to support 57 renewable energy projects in the current Iranian calendar month (since June 21).

Chegeni emphasized Iran’s favorable conditions for solar energy production and noted a significant 28% increase in renewable electricity generation. He underscored the role of renewable energy in ensuring sustainable power supply solutions for the country.

Previously, NIGC’s managing director stressed the importance of diversifying Iran’s energy mix to bolster economic growth, achieve energy security, and mitigate environmental risks.