A Belgian company will build a new 600-megawatt combined cycle power plant near Tabriz city, northwest of Iran, Reza Hosseini, deputy head of the Center for Investment Services of East Azerbaijan Province, said. The F class power plant will be built near Soufian power plant within 3-4 years, IRNA quoted Hosseini as saying on June 30.

He further said that some $700 million worth of investment is needed for the power plant’s construction which will be provided by the Belgian firm.

Iran’s power generation capacity currently stands at around 74,000 MW, of which some 12,000 MW account for hydroelectric power plants, 1,000 MW for a nuclear power plant and the remaining for thermal power plants.

Iran expects to improve its power output by 1,000 megawatts for the current Iranian fiscal year (to end March 20, 2017).

Iranian Energy Minister Hamid Chitchian predicts foreign investments in the country’s energy sector will hit $30 billion in the post-sanctions era.

Government spokesman Mohammad Bagher Nobakht said on June 8 that Iran had signed a new contract with a group of foreign companies to attract $4.2 billion worth of direct investments for building power plants in the country.