British renewable energies investment company Quercus announced it will stop building a $570 million solar power plant in Iran due to the recently imposed sanctions on the Islamic Republic, Reuters reported.
The solar power plant was Quercus’s first renewable energy investment outside of Europe, and was expected to be the 6th largest in the world with a capacity of 600 megawatts (mW).
“Following the U.S. sanctions on Iran, we have decided to cease all activities in the country, including our 600 mW project. We will continue to monitor the situation closely,” Quercus chief executive Diego Biasi stated on Tuesday.
Sanctions on Iran imposed by the United States have led to many companies pulling investment from the country.
The construction of the solar plant was expected to take three years, with each 100 mW standalone terminal becoming operational and grid connected every six months.