Hamidreza Shahverdi stated that Persian Gulf Holding has initiated a 5,000 MW solar power plant development program to address electricity shortages. He said the holding has established the Persian Gulf Renewable Energy Development Company with 2 trillion tomans in capital (approximately $2 billion) to execute the project.

Shahverdi noted that six provinces—Semnan, Fars, Kerman, Hormuzgan, Yazd and Markazi—have been selected for the construction of these plants. He emphasized that completing the 5,000 MW solar project will eliminate the need for Persian Gulf Holding’s manufacturing complexes to purchase electricity.

According to the CEO, sourcing electricity from solar plants will save 2 to 2.5 billion cubic meters of natural gas annually. This gas could either be used as feedstock for petrochemical plants or injected into the national gas grid during winter.

Shahverdi added that, with preliminary approval from SATBA (Iran’s Renewable Energy and Energy Efficiency Organization), preparations have begun to build two solar plants in Fars Province. He noted that financing for the project will be secured through external funding methods to maximize efficiency.