Iran Power Generation, Distribution and Transmission Company (Tavanir) and South Korea Electric Power Corporation (KEPCO) signed a memorandum of understanding on Tuesday worth $10 billion for upgrading Iran's power infrastructure, reducing energy wastage and making the national grid smart.
Speaking on the sidelines of a ceremony to conclude the agreement in Tehran, Houshang Falahatian, deputy energy minister, said the MoU calls for KEPCO's cooperation with Iran's Energy Ministry to install smart electricity meters, renovate Tehran's dilapidated power equipment and improve power plants' efficiency with the help of a credit line to be opened by the southeast Asian state.
According to the official, the Korean company has also been tasked with conducting feasibility studies to enhance electricity voltage level from 400 kilovolt to 765 kV, Mehr News Agency reported.
"The agreement also calls for technology transfer to Iran aimed at updating the know-how of Tavanir's experts," he said, noting that the Energy Ministry is committed to pave the way for domestic private enterprises to collaborate with Koreans.
Asked about other agreements, Falahatian noted that three separate memorandums of understanding were signed with the Korean company to construct power plants with a capacity of 1500 megawatts.
Iran’s electricity industry, with an installed power generation capacity of 74,000 MW, ranks 14th in the world and first in the Middle East in terms of electricity generation.
It is the largest exporter and importer of electricity in the Middle East and exports electricity to Armenia, Pakistan, Turkey, Iraq and Afghanistan.
