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Implementation of the Joint Comprehensive Plan of Action (JCPOA, or the nuclear deal) appears to have paved the way for foreign investment to help Iran upgrade its power sector. A number of international companies have shown interest in investing in the sector. Iranian energy officials are looking in particular for the construction of new power plants, and increasing the efficiency of existing power plants.
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The Thermal Power Plants Holding Company (TPPH) of Iran has announced that it is in talks with foreign firms over $6 billion of investment deals.
One of the most important projects under consideration is the construction of a 5000 MW power plant complex with an investment of €2.5 billion. Iran plans to launch the first phase of the project in the southern port city of Bandar-e-Abbas over the next fiscal year, in collaboration with MAPNA. The foreign partners of MPNA are expected to provide 85 per cent of the financing.
Unit International is expected to finance and participate in a €1.25 billion project for the construction of two combined cycle power plants with a combined capacity of 2080 MW.
Russia is planning to cooperate in the construction and financing of a gas-fired 1400 MW Sirik power plant, valued at €1.5 billion. The Russian side is expected to provide €1.2 billion in investment. Sirik power plant, located in Hormozgan Province, is scheduled to come on stream in the next five years.
In addition, Japan is expected to invest in the Rey combined cycle power plant in Tehran Province, doubling its current capacity of 1000 MW and increasing its efficiency to 60 per cent. Finally, China’s Shanghai Electric is in talks to construct the 650 MW Tabas power plant in central Iran.