Iran seeks investment in renewable energy sector

Addressing an international seminar on Energy Access here, Iran's Energy Minister Majid Namjoo said "we welcome national and foreign investments and contributions" in the field of renewable energy.

An enabling legal and financial environment has been created in Iran to encourage application of renewable energies, he said.

The Minister also emphasised the need for greater cooperation between developed and developing nations in the sector.

"I take the opportunity to emphasise the need for international cooperation particularly between the developed and developing countries in order to increase considerably the share of renewable in energy basket," Namjoo said.

"We will fully support the activities of the International Renewable Energy Agency (IRENA), which can play a major role to that end," he told the seminar moderated by New and Renewable Energy Minister Farooq Abdullah.

"In that framework, provision of adequate and predictable financial resources, including thorough investment, capacity building and training are necessary," he said at the seminar also attended by Energy Ministers and diplomats from several nations.

The seminar was organised by the Ministry of New and Renewable Energy and the Confederation of Indian Industry (CII).

The US and the European Union imposed tough sanctions targeting Iran's energy and petrochemical sectors as part of their efforts to isolate the Iranian government for its alleged failure to meet its international obligations over its nuclear programme.