The Supreme Economic Coordination Council of Iran convened in Tehran on Saturday, attended by President Masoud Pezeshkian, Parliament Speaker Mohammad Baqer Qalibaf, and Judiciary Chief Gholamhossein Mohseni Ejei.
The council agreed on the allocation of $1.5 billion in funding for the import of equipment needed for the construction of solar power plants.
The Iranian banks have been assigned to roll out $1.5 billion in loans to the Ministry of Energy.
The funding, okayed by the Central Bank of Iran, should be spent on the import of the equipment required for the construction of solar power plants with a capacity of 7,000 MW.
Iran is grappling with shortfalls in electricity. While many industries have been affected, the government has begun enforcing two-hour scheduled power cuts to residential areas.
In February, Energy Minister Abbas Aliabadi highlighted the government's efforts to tackle the crisis with renewable energy.
"We anticipate that about 2,400 megawatts of Iran's 12,000-megawatt renewable energy program will be operational by next summer," he said.
The minister noted that the administration plans to generate 30,000 megawatts of renewable energy over the next four years.