Italian company Carlo Maresca S.p.A. is set to build a 50 MW solar PV plant on Iran's southern island of Qeshm.
The company signed an agreement for the solar farm with the Qeshm Free Zone Organization, according to Irans Tehran Times, which cited a report by the Iranian Students News Agency (ISNA).
The deal was signed between Carlo Maresca Chairman Fabio Maresca and Hamidreza Momeni, the head of Qeshm Free Zone Organization, on the sidelines of Italian Prime Minister Matteo Renzis recent visit to Iran.
Underscoring a new round of bilateral economic agreements between Iran and Italy, Mo'meni said the government was seeking to improve Qeshms economy by expanding macro-economic activities on the island and reinforcing its infrastructure, including construction of the planned solar power plant, the Tehran Times reported.
Maresca said the company would complete the project in eight months.
According to Reuters, Renzi was accompanied by a delegation of some 60 business leaders from the energy, railways and defense sectors as well as from Italy's export agency and state lender, which pledged billions of euros in credit lines and guarantees to the country.
Italian energy giant Enel, which owns multinational renewable energy corporation Enel Green Power S.p.A., signed a memorandum of understanding with the National Iranian Gas Export Company on possible future cooperation in natural gas, liquefied natural gas and related infrastructure that could lead to long-term gas supplies for its power stations.
A Finish delegation to Iran earlier this month also discussed investment and assistance in the development of renewable energy and environmental protection. A group of 14 clean tech companies from the renewable energy, smart grid, sustainable mining and clean water sectors attended the Iran International Environment Exhibition in Tehran last month.