Britain’s renewable energy investor Quercus Company has announced that it has canceled the planned 500 million euros ($ 570 million) solar energy project in Iran due to US sanctions on Tehran.

Renewable energy investor Britain ‘Quercus Company’ announces that it has canceled the planned solar energy project of 500 million euros ($ 570 million) in Iran due to the last sanctions imposed on Iran by the US. The solar energy power plant project in Iran was the first investment that the Quercus Company could make outside of Europe in the renewable energy sector.

Banks and companies from all over the world have canceled agreements with Tehran, as the US began reapplying sanctions against Iran earlier this month.

Quercus CEO Diego Biasi said in his statement that “after the US imposed sanctions on Tehran, we decided to stop all our activities in Iran, including our 600-megawatt solar energy project.”