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EghtesadOnline: A delegation of seven German companies operating in the renewables sector has signed a memorandum of understanding with the North Khorasan Electricity Distribution Company (NKEDC) to develop solar farms in the northeastern province.

The delegation included executives from major enterprises, including solar photovoltaic company Phoenix Solar AG and Munich-based BayWa Group that operates in the agriculture, building materials and energy sectors, the Energy Ministry’s official news portal reported on Saturday.

The MoU was signed earlier this week during the Germans' two-day visit to North Khorasan, the report said. The cities of Esfarayen, Garmeh and Jajarm are reportedly chosen for the potential investment.

Alireza Sabouri, NKEDC managing director, said he was confident that German investors will tap into the region's massive potential for electricity generation from renewable sources, Financial Tribune reported.

"The two sides have come to an understanding on the site of the photovoltaic plants, but they (Germans) need more time to study the venture," Sabouri noted.

Mohammadreza Salehi, governor-general of North Khorasan, said on Saturday that collaboration with Germans could lead to the construction of at least six solar farms in the province, but did not provide details.

European companies are keen on entering Iran's solar energy market. Last year, the Renewable Energy Organization of Iran (SUNA) and a group of investors from Switzerland and Italy signed a contract to build a solar power plant in Jajarm.

Based on the contract, a solar plant with 30 MW capacity will be wholly designed, built, installed and launched by the European firms.

Reportedly, the share of renewables in Iran’s energy mix is 240 megawatts, a meager share from the total installed power generation capacity of 76,000 MW.

Iran has huge potential to harness renewable energies, including geothermal, solar and wind power.

Iran-Germany cooperation Iran Renewables Iran's North Khorasan Iran Solar Projects NKEDC Iran solar farms