India to finance Iranian renewable power plant projects

Business Materials 10 December 2012 13:43 (UTC +04:00)

Azerbaijan, Baku, Dec.10 /Trend F.Milad/

India will finance Iran's new sun and wind power plants, the managing director of the Renewable Energy Organisation of Iran said on Monday.

Iran's renewable energy production capacity would be increased two-fold once the projects come on stream, the Mehr News Agency quoted Yousef Armodeli as saying. Iran and India are in the final stages of negotiations in this regard, he added.

India also plans to build a new power plant in Iran in order to import electricity from the country.

"Iran plans to export 6000 megawatt hours of electricity to India and Pakistan," Namjou said in November.

The proposed power plant has the capacity to produce 6000 megawatt hours of electricity. India will imports 4000 megawatt hours and some 2000 megawatt hours will be exported to Pakistan.

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.

Iran's installed power generation capacity is currently about 67 gig watts (GW).
The Energy Ministry plans to increase electricity generation capacity by five GW this calendar year which ends on March 20, 2013.

Last year, Iran exported 8.6 billion kilowatt hours of electricity to its neighbouring countries and the figure is projected to hit 10 billion kilowatt hours, he noted.

By the end of the Fifth Five-Year Economic Development Plan (March 2016), Iran will boost its electricity generation capacity by 25GW to reach 73 GW, Namjou said on February 7.
Iran currently trades power with Turkey, Armenia, Turkmenistan, Azerbaijan, Pakistan, Afghanistan and Iraq.