SK E&C inks $4.2 billion deal to build power plants in Iran

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SK E&C inks $4.2 billion deal to build power plants in Iran

SK Engineering & Construction (SK E&C) has teamed up with a Turkish firm for a multi-billion-dollar project to build and operate new power plants in Iran, the Korean firm said Saturday.

Officials from the Korean builder said the company has successfully purchased a 30 percent stake in UNIT International S.A., Turkey’s energy giant, one day after the two companies signed the deal in Istanbul.

Under the deal, the Korean firm will join the Turkish firm’s ongoing project to build and operate five new gas-fired power plants in Iran, said to be worth $4.2 billion in total.

SK E&C will likely be in charge of building the five new power stations, company officials noted.

The power stations are set to have a combined generation capacity of 5,000 megawatts, making them Iran’s largest privately developed power plants, they added.

SK E&C is one of a few Korean companies to have made a massive investment commitment to Iran since the Middle Eastern country was removed from years of international sanctions over its nuclear ambitions. YONHAP
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