Tehran, Iran, Jul. 2
By Milad Fashtami - Trend:
A U.S. company signed a memorandum of understanding with the officials of Iran's southwestern Chaharmahal and Bakhtiari Province to construct a power plant.
The plant will generate electricity from garbage, Iran's IRNA News Agency reported on July 2.
Based on the signed contract the Chaharmahal and Bakhtiari Province officials are obliged to provide a suitable site and guarantee that the country's energy ministry will buy the produced electricity.
World Eco Energy Company, on the other hand, is expected to invest $1.175 billion in the project to pay for 50 percent of the expenses. The American firm will also bring in all the necessary equipment and technology.
The project is scheduled to come on stream in 24-36 months.
Iran's power generation capacity is currently over 70 gigawatts, as it trades power with Turkey, Armenia, Turkmenistan, Azerbaijan, Pakistan, Afghanistan, Syria, and Iraq.
Iran seeks to become a major regional exporter of electricity and has attracted more than $1.1 billion in investments for the construction of three new power plants.