Turkish electricity producer Zorlu Enerji may build gas-fired power plants in Iran as Turkey’s eastern neighbor seeks to attract investors after decades of economic sanctions.

The company is in talks with Iranian authorities for the project and a concrete plan may be announced this year, said Omer Yungul, chief executive officer of Zorlu Holding, which owns the Istanbul-based company formally known as Zorlu Enerji Elektrik Uretim AS.

Zorlu Enerji, which produces electricity from wind, hydro, gas-fired and geothermal power plants totaling 966 megawatts in Turkey, Pakistan and Israel, plans to invest “a sizable amount” in Iran, Yungul said in an interview in Istanbul. The total capacity of the power plants may be similar to plans by Unit International, owned by Turkish investor Unal Aysal, to build power plants costing $4.2 billion in Iran, he said.

Zorlu Holding is also considering a minority partner to buy a stake in Zorlu Enerji, Yungul said. “We are holding talks with interested parties for a minority partner, but no firm decision has been made yet.”

Zorlu Enerji shares rose as much as 2.5 percent to 1.65 liras in Istanbul before ending the day at 1.64 liras.

By Bloomberg