Iran issues $240m in bonds for hydroelectric projects

Business Materials 28 December 2011 13:43 (UTC +04:00)

Azerbaijan, Baku, Dec. 28 / Trend F.Milad/

Iran's Energy Minister has issued 2.7 trillion rials (some $240 million) in bonds for financing hydroelectric power projects across the country, the ISNA news agency reported.

The 17-percent-profit bonds will be offered as of Saturday at Sepah Bank branches nationwide to the public, the report added.

Iran exported over 5,330 gigawatt hours of electricity to the neighboring countries by the end of November, showing 23 percent rise compared to the same period of last year.

The deputy Iranian energy minister has predicted that the country's value of electricity exports would hit $1 billion by the end of the current calendar year (March 20, 2012).

The Mehr news agency quoted Mohammad Behzad as saying that three billion dollars worth of technical and engineering services will be exported by the yearend.

"Iran currently exchanges electricity with Turkey, Armenia, Turkmenistan, Azerbaijan, Pakistan, Afghanistan and Iraq," he said.

By the end of the fifth national development plan (2015) Iran will boost its electricity generation capacity by 25,000 megawatts, Energy Minister Majid Namjou said in October.