Industrial Development & Renovation Organization of Iran (IDRO) has signed an agreement to establish a joint company for building solar panels with the Chinese company Sunshine and Hong Kong-based Konda Energy.

Deputy head of IDRO for promoting advanced industries and energy megaprojects, Fardad Daliri, said that registering the company will begin in a month after finalization of its articles of association, reported Irna.

 IDRO will own 30 per cent of shares in the company.

IDRO seeks to establish the industry, use existing capabilities in the country and commission a research and development (R&D) unit in the technology, he said.

Earlier, IDRO conducted feasibility studies on producing solar panels from silicon after signing a cooperation deal with the German company Schmidt.

Seven industrial units producing solar panels are operating in Iran and the county’s share of solar electricity is set to increase, the Irna report said.