Iran's Bank of Industry & Mine allocates 1.4 billion euros to power plant projects

Oil&Gas Materials 30 October 2012 12:34 (UTC +04:00)

Azerbaijan, Baku, Oct. 30/ Trend F.Milad/

Iran's Bank of Industry and Mine has allocated 1.4 billion euros in the past three years to construct 19 power plants, the IRIB News Agency reported.

Once the projects come on stream over 900 job opportunities will be created.

The Bank of Industry and Mine is an Iranian government owned specialist bank located in Tehran. It endeavours to increase economic growth through the development of industry and mining.

Its purpose is to be an economic enterprise, providing banking facilities, development and investment in order to advance Iran's economy.

It aims to promote the participation of the private sector in the fields of industry, mining, modern technologies and their associated services.

Iran plans to increase its installed power generation capacity to 70 GW by the end of the current Iranian calendar year which began March 20, Iranian Energy Minister Majid Namjou said on Monday.

According to him, Iran's installed power generation capacity is currently about 67 GW, the ILNA News Agency reported.

The private sector in Iran will establish eight power plants of which three will be built in the near future, IRNA quoted Energy Minister Majid Namjou as saying on Sunday.

The power plant projects will be financed by the National Development Fund, he said, adding that the project will add 12 gig watts (GW) to the national power generation capacity.

Previously Namjou said Iran's installed power generation capacity is currently about 67 GW.

According to him, the Energy Ministry plans to increase the electricity generation capacity by 5GW this calendar year, which ends on March 20, 2013.

Iran will sell shares of 44 power plants worth 220 trillion rials (about $18 billion) to the private sector, IRNA reported on Saturday.

The power plants have a total generation capacity of 34 GW.