Iran to offer bonds for hydroelectric plants

Business Materials 27 December 2011 14:42 (UTC +04:00)

Azerbaijan, Baku, Dec. 27/ Trend M. Moezzi

A new round offering a take up in bonds for Iran's hydroelectric power plants will start on Saturday, December 31 Fars News Agency reported an official as saying.

Iran's Ministry of Energy will offer the public 2.7 trillion rials (about $243 million) in bonds to fund the completion of its hydroelectric plants, said Seyed Mohammad Reza Rezazadeh, managing director of the Iran water and power resources development company.

The public has welcomed previous bond offerings because they are profitable and this year's will also guarantee the repayment of funds and interest earned from the bonds. Sepah Bank will guarantee and sell the bonds. The interest on the bonds can be collected on a quarterly basis.

Iran's official exchange rate for the U.S. Dollar was 11,120 rials on December 27, 2011.