Iran has launched a major power plant in its largest island in the Persian Gulf amid efforts to boost investment in the region.
The 320 megawatt (MW) power plant in the island of Qeshm was opened on Thursday by Iranian President Ebrahim Raeisi who used a video link from his office in Tehran to launch the facility.
The gas-fired power plant is part of Qeshm’s Pasargad electricity station, a system that works on combined cycle basis, a system where the exhaust heat from the turbines is used to raise steam.
Local authorities said private companies had provided the 95 million euros ($100.7 million) needed to finish the power plant over the 18 months to early April.
The company operating the Qeshm electricity station said that the 300-ton power transformer used in the new facility is the largest ever manufactured inside Iran with a capacity of 400 mega volt-ampere (MVA).
While opening the power plant, Raeisi said his administration will welcome the contribution of private investors to building mega projects in Iran.
“Any effort by the private sector to increase investment and productivity should be welcomed,” said Raeisi.
Qeshm, located to the north of the Persian Gulf on the mouth of the Strait of Hormuz, is one of the largest islands in the world.
It is one of Iran’s key special economic zones (SEZs) where trade regulations are eased to help boost investment and manufacturing activity.
Raeisi opened a total of 82 projects in Qeshm and other SEZs on Thursday as he promised more financial support for those regions to help expand Iran’s trade ties with neighboring countries.