$28bn power projects up for grabs

TEHRAN, Jan. 02 (Shana) — Iran says it has a number of major power projects worth more than USD28bn are ready for investment by foreign financiers within the next few years.

Iranian Power Minister Hamid Chitchian said Iran will need to add some 50 megawatts to its power generation capacity within the next 10 years which will require major investments in the power sector from domestic and foreign financiers.

He also called on private sector investors to step in the field and bankroll power generation projects across the country.

“Based on the plans, a part of the projects, worth nearly $28bn, will be financed by foreign investors,” Chitchian said.

He further said numerous foreign companies have so far indicated their readiness to fund power projects in Iran, adding that talks are underway with several foreign investors in this regard.

The Iranian official also expressed optimism that implementation of the Joint Comprehensive Plan Of Action (JCPOA) will hopefully accelerate the process of foreign investments in Iran’s power projects.

Iran currently produces 73 megawatts of electricity and trades the commodity with its neighbors.