It has taken six months for the company to make the project operational, the CEO of the petrochemical company Abbas Farshbaf said, reported Mehr News Agency.

Located in a 400-square-meter of land, the current capacity of this power plant is 200 kWh per day, he said, adding that the figure will be increased to 500 kWh per day after the launch of the second phase of the plant.

Floating solar power refers to a solar power production installation mounted on a structure that floats on a body of water, typically an artificial basin or a lake.

Two types of systems can be distinguished: FPV or floating photovoltaic, that uses photovoltaic panels mounted on the platform, and floating concentrated solar power, that uses mirrors that redirect the solar power to a tower.

American, Danish, French, Italian and Japanese nationals were the first to register patents for floating solar power.

Iran’s renewable energy capacity, which was 825 megawatts (MW) by June 20, has increased to 831 MW, according to a report released by Renewable Energy and Energy Efficiency Organization (SATBA) on July 27.

The report added that wind and solar farms, with a total capacity of 815 MW, are also under construction across the country.

The share of solar energy in July, with 64 solar farms, has reached 45 percent in the total renewable energy capacity of the country and the share of wind energy, with 20 wind farms, has stood at 34 percent.

Other resources account for the remaining 21 percent of renewable energy capacity of the country.

Renewable energy projects attracted about $3 billion in private sector investments by June 20, the report added.

Iranian energy officials said the capacity for electricity production from renewable sources would increase to 4,000 MW in the summer of 2021 when the current administrative government leaves office.

The report was released on July 27 by CBI about the country’s short-term, medium-term, and long-term debts, IRNA reported.

According to the report, Iran’s long-term and medium-term foreign debts in the aforementioned period were $7.163 million while its short-term foreign debts account for $1.942 billion.

Iran’s normal oil revenues significantly slashed as a result of US sanctions.

In a bid to offset the impact of the US sanctions, the Iranian government has been pressing ahead with various programs to diversify the economy away from oil.

A draft budget for the next Iranian year, which begins on March 20, has significantly reduced the share of oil-related receipts by introducing new sources of earning hard currency, including a massive plan for the export of minerals and petrochemicals.

Rafael Grossi, the director-general of the International Atomic Energy Agency (IAEA), also told board members in Vienna it appears that Iran hasn’t taken new steps away from the landmark pact, known as the Joint Comprehensive Plan of Action since its Jan. 5 announcement said that the country was no longer bound by “any restrictions” of the 2015 nuclear deal with world powers.

“The agency has not observed any changes to Iran’s implementation of its nuclear-related commitments under the JCPOA in connection with this announcement, or in the level of cooperation by Iran in relation to agency verification and monitoring activities under the JCPOA,” Grossi said in prepared remarks.

In recent months, Iran has crossed all main provisions of the pact, increasing its stockpiles of enriched uranium and heavy water past its limits, adding prohibited centrifuges, and enriching uranium past the purity allowed.

Iran took the measures a year after the US pulled out the deal in May 2018 and reinstated tough sanctions.

Last week, the agency said in a report to member nations that its inspectors had confirmed that Iran had nearly tripled its stockpile of enriched uranium since November, reaching 1,020.9 kilograms.

The JCPOA, signed by Iran with the US, Germany, France, Britain, China, and Russia, allows a stockpile of only 202.8 kilograms of low-enriched uranium.

The JCPOA promised Iran economic incentives in return for the curbs on its nuclear program, but since President Donald Trump pulled the US out of the deal unilaterally and imposed new sanctions, the country’s economy has been struggling.

Iran’s violations of the pact are intended to pressure the other nations involved to increase economic incentives to make up for the American sanctions. So far, attempts by the other members of the JCPOA have fallen short of Iran’s demands.

Other parties to the deal have been meeting with Iran to try to save the accord.

In a separate report to members last week, the IAEA said it had identified three undeclared locations in Iran.

Iran responded to the report by suggesting that the IAEA had no legal basis to inspect those sites.

In his speech to the board members, Grossi called on “Iran to cooperate immediately and fully with the agency, including by providing prompt access to the locations specified by the agency.”

Diplomats say these are related to Iran’s alleged nuclear projects in the 2000s, and not its current activities.

Last week, Iran’s IAEA ambassador said the Islamic Republic has no obligation to grant the nuclear watchdog access to sites when it deems that requests are based on “fabricated information”,  accusing the US and Israel of trying to “exert pressure on the agency.”

Kazem Gharibabadi said making such a request “runs counter to the verification process.”

AP and AFP contributed to this story.