Iran electricity industry attracts $5bn in foreign investment

Iran electricity industry attracts $5bn in foreign investment
Date : 2017/05/16 - 11:14

Iran’s Energy Ministry has signed investment deals and memoranda of understanding with several foreign firms for a planned production of 10,000 megawatts of electricity at its power plants, as part of a total foreign investment of up to five billion dollars.

According to Persian Digest, the ministry’s deputy for electricity attributed the growth of foreign investment in the country’s energy sector to increasing economic interaction with the outside world following the clinching of the JCPOA, the nuclear deal between Iran and the P5+1 group of countries in July 2015.

Houshang Falahatian also said the country’s first ever solar power plant is expected to go operational in February 2017. “The plant’s capacity of 14 megawatts, mainly relying on foreign investment, is an indication of the government’s strong willingness to develop clean energies,” he added.

According to the ministry statistics, Iran’s 76,000 megawatt capacity has made it the Middle East’s top electricity producer, and the 14th on the global stage.

“Furthermore, Iran is now capable of domestically manufacturing as much as 90 percent of its power plant equipment and is standing as the world’s fifth power plant constructing company.”

As the country’s top industry exporter, the electricity sector has sold technical and engineering services worth three billion dollars in recent years, according to figures released by Falahatian.

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