Norway solar firm signs 2.5 billion euro deal with Iran

Just days after US President Donald Trump called for further isolation of Iran, a Norwegian solar company signed a deal to invest 2.5 billion euros in the country over the next five years.  "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," Norwegian ambassador Lars Nordrum told AFP.

He was hosting the signing at his residence in Tehran by Norway's Saga Energy, which will work with Iran's Amin Energy Developers to install two gigawatts of solar panels in multiple sites around the central desert region.  It comes just days after Trump gave a bellicose speech, imposing further sanctions on Iran and calling for European allies to curb their financial dealings with the country.

The new solar project is being financed by a consortium of European private and state investors, and backed by a sovereign guarantee from the government of Iran.  "I'd like to thank Norway, which has always been one of the best friends to Iran, for this exciting opportunity," said Saeid Zakeri, head of international affairs for Amin.

European and Asian businesses have shown great interest in tapping into Iran's relatively wealthy and largely untouched market of 80 million people.  But despite the 2015 deal with world powers that lifted global sanctions in exchange for curbs to Iran's nuclear program, the United States has maintained a raft of tough measures that have made investors wary of taking the plunge.

There have been a few big deals, most notably France's Total which signed a $5 billion gas deal in June alongside China's CNPC.  A few other major firms such as Siemens, Renault and Peugeot have extensive investments in the country.

-AFP, Tehran