TEHRAN - Japan International Cooperation Agency (JICA) is going to fund the rehabilitation project of Iranian thermal power plants, IRNA reported on Tuesday quoting an official at Iran’s Thermal Power Plants Holding Company (TPPH).

According to Hamidreza Azimi, the deputy for planning affairs in TPPH, Iranian power plants current efficiency stands at 37.8 percent. The figure is due to reach 40 percent by the end of the Sixth Five-Year National Development Plan (March 2021).

“There are near 3,000 megawatts (MW) capacity of old power plants with low efficiency across the country and the power plant rehabilitation project is aimed to upgrade such plants in order to decrease fuel consumption,” the official said.

Azimi noted that the rehabilitation project for Shahid Rajaie and Shahid Mofateh power plants have been discussed with the Japanese side and JICA is going to finance the projects.

“JICA facilities will be provided with an interest rate of less than two percent and the repayment due will be six years after the allocation of facilities for 20 years.”

EF/MA