Norwegian solar company, Saga Energy, has signed an agreement to invest €2.5 billion in Ian over the next five years.
Saga Energy and Iran’s Amin Energy Developers will work together to install two gigawatts of solar panels in multiple sites around the central desert region.
"Norway is fully committed to the JCPOA (nuclear deal) and this is proof that we have taken the opening very seriously, and we will see more investment very soon," said Norwegian ambassador, Lars Nordrum.
This deal makes it the second-largest investment agreement in Iran since the 2015 nuclear deal eased global sanctions.
The Norwegian project will be financed by a consortium of European private and state investors, and backed by a sovereign guarantee from the Iranian government.
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