Turkish company wins $4.2bn contract to build string of Iranian power plants

Iranian power plant at Shazand Iranian power plants: Turkiah energy company Unit International has reached a $4.2bn deal with Iran’s energy ministry to build seven natural gas power plants across the country with a combined installed capacity of 6,020 megawatts, it announced in a press release issued yesterday.
Work is scheduled to begin in the first quarter of 2017 and on completion will meet 10% of Iran’s energy needs, according to the head of Unit International’s Unal Aysal, the former owner of Galatasary footlball club.
While Iran is sitting on the world’s fifth largest reserves of recoverable hydrocarbons, decades of under-investment in its energy infrastructure has also made it one of the most profligate consumers of power. More than 14% of its total power generation capacity is regularly lost during transmission and distribution, and the price of one kilowatt hours of electricity stood at around 15 cents in 2014 compared to 12 cents in the US.

Source: reuters