Operations to construct a 1,400 megawatt thermal power plant in south Iran in cooperation with Russia will begin in two months, Mohsen Tarztalab, managing director of Iran's Thermal Power Plants Holding Company (TPPHC) said.
The plant in Hormozgan Province will be jointly built by TPPHC and Russia’s Technopromexport, IRNA reported on Sunday.
"Operations to construct the power plant will begin in a month or two. The project will create jobs for 7,000 people," Tarztalab noted.
It is estimated to cost around €1.6 billion and the Russian firm will pay 85% of the cost, said the official, adding that financing will be carried out via Iran's Bank of Industry and Mine.
The power plant comprises four units, each with a capacity to produce 350 MW. It will be built between Minab and the port city of Jask in the province off the Persian Gulf.
Tarztalab hoped the power plant will be up and running in five years.
Iran and Russia finalized the power plant deal in Tehran last week. The two sides have also signed a deal to build the second and third units of Bushehr Nuclear Power Plant over 10 years. The nuclear plants are projected to cost more than $10 billion.
However, the thermal power plant in Hormozgan will have 40% more electricity production capacity compared to Iran's only nuclear plant with an output capacity of 1,000 MW which took nearly two decades to build.
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