The Persian Gulf Petrochemical Industries Company (PGPIC) has signed a $2 billion tripartite MoU with Bank Mellat and Bank Tejarat to finance 5,000 megawatts of solar power projects. The agreement was finalized during the 29th Iran International Oil, Gas, Refining and Petrochemical Exhibition.
PGPIC CEO Mohammad Shariatmadari stated that the company has launched a renewable energy center and, with support from the National Development Fund and partner banks, is moving ahead with large-scale solar development. Solar facilities will be built on suitable lands owned by PGPIC subsidiaries, and in solar-rich provinces such as Lorestan and Semnan, in coordination with local authorities.
Initial groundwork has already begun for two plants—one 200 MW and another 100 MW. The initiative is expected to significantly contribute to narrowing Iran’s national energy supply gap while advancing the country’s transition to renewable energy.