Business And Markets

Power Co. Borrows $60m via IRENEX

Power Co. Borrows $60m via IRENEX
Power Co. Borrows $60m via IRENEX

The state-run Power Generation, Distribution and Transmission Company (Tavanir) offered standard salaf contracts worth 15 trillion rials ($60 million) at the Iran Energy Exchange on Sunday. The contracts were issued by the Gilan Regional Electric Company.
This is the first time Tavanir is issuing salaf bonds to fund its development projects, according to Ali Naqavi, managing director of IRENEX, Securities and Exchange News Agency reported. 
IRENEX is a commodity exchange where physical energy carriers (oil, gas, electricity) and commodity-based securities are traded. 
"The aim is to fund power projects in 16 regional electricity companies," he was quoted as saying. Gilan company issues bonds on behalf of other regional companies. 


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