India to invest in Iranian wind, solar power plants

Iran and India have finalized an agreement under which New Delhi will invest in the construction of wind and solar power plants in the Islamic republic, Press TV reported Monday. According to the agreement, India side will transfer "technical know-how" and invest in the "design, construction, installation and launch of power plants" in Iran, Yousef Armodeli, head of the Iranian Renewable Energy Organization, was quoted as saying. Armodeli said using the potentials of Iran's private sector in the production of renewable energy is one of the government's policies, adding that so far several contracts have been inked with the private sector to construct power plants capable of generating 12,000 megawatts of electricity through renewable energy, according to the report. The Iranian official further said the production capacity of renewable energy in Iran will double by the end of the country's fifth five-year economic development plan (2010-2015).