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Quercus, the British renewable energy investor, announced on Tuesday that it was halting construction of a 500 million euro ($570 million) solar power project in Iran due to recently re-imposed US sanctions on Tehran, reported Reuters.

"Following the US sanctions on Iran, we have decided to cease all activities in the country, including our 600 MW project,”Quercus chief executive Diego Biasi said in an email 

The firm will continue to monitor the situation closely, said Biasi, who declined to comment further.

The solar plant in Iran would have been the first renewable energy investment outside Europe by Quercus and the world's sixth largest, with a 600 megawatt (MW) capacity.

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