Poland’s RAFAKO to Finance Energy Projects

Poland’s RAFAKO to Finance Energy Projects Poland’s RAFAKO to Finance Energy Projects

Following the signing of a memorandum of understanding between Iran and Poland, the European country’s energy company RAFAKO has agreed to finance four energy projects in Iran, the head of the energy section of Social Security Investment Company said on Tuesday.

Mahmoud Makhdoumi was also quoted as saying by IRNA that based on the MoU, the two sides agreed to cooperate in four projects, which include the manufacture of small generators, implementation of heat recovery operations in a petrochemical complex and a cement company, as well as installation of turbo-expanders in gas compressor stations of SSIC’s subsidiary companies.

Established in 1949, RAFAKO has been active in power generation industry by offering design and manufacture of boilers and environment protection plants, employing 2000 people.

RAFAKO is a leader in the Polish power generation equipment market and the biggest boiler producer in Europe. About 80% of boilers operated by Polish utilities are delivered by RAFAKO.

SSIC, owned by Social Security Organization of Iran, was established in 1986 for the purpose of attracting investment for the organization’s projects. The holdings and its subsidiary companies are active in the industries of oil, gas, petrochemical, medicine, cement, mineral and metal.

According to Makhdoumi, the MoU was signed on the sidelines of an Iran-Poland business forum in Warsaw attended by Foreign Minister Mohammad Javad Zarif and Mohsen Jalalpour, head of Iran’s Chamber of Commerce, Industries, Mining and Agriculture, on Monday.

Iran’s 60-strong economic delegation, headed by Jalalpour and accompanied by Zarif, has embarked on its European tour by visiting Poland and then Finland, Sweden and Lithuania.

Makhdoumi noted that the Polish company is due to provide 75-85% of the projects’ finance and construct the units in cooperation with domestic contractors.

Stressing that generation of power via heat recovery systems in industrial complexes is of high efficiency, the official said the company has informed Iran Energy Efficiency Organization of the issue.

The complexity of small-scale systems is determined by the nature of energy supply and by whether they are connected to the grid or whether they are standalone systems.

According to, small generators are sets of machines and installations for producing up to 25 megawatts of electricity while connected to the national power grid.

Iran’s electricity industry ranks 14th in the world and first in the Middle East in terms of electricity generation with an installed power generation capacity of 74,000 megawatts.