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Iran Water and Power Resources Development Co. > News > 600 Million Dollars Investment in Seymareh Pump-storage Project  

News: 600 Million Dollars Investment in Seymareh Pump-storage Project

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600 Million Dollars Investment in Seymareh Pump-storage Project 

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A financial agreement worth more than 600 million dollars was signed between Turkey and Iran for construction of the 1000 MW Seymareh pump- storage project.
According to a report released by IWPCO's PR, the agreement aiming to provide finance for Seymareh pump-storage project was signed in the presence of Behzad, deputy of Energy Minister in Power and Energy Affairs, Rezazadeh, CEO of IWPCO, Eghbalmanesh, executive officer of project, Sedghi Eyan managing director of Gent company and Turkey officials.
"Considering the fact that consumption peak doubles in summer, pump-storage projects can then be applied as power storage reservoirs and generate power." said Behzad in respect of agreement. 
"Iran’s close ties with Turkey, especially in the field of electricity enabled us to plan and form a consortium of capable Iranian and Turkish companies that is expected to succeed. This as a national experience in electric power industry can be a good example of Iran and Turkey cooperation in project financing.” he added.
Then Rezazadeh continued and pointed out the importance of agreement in providing finance for Seymareh pump-storage project.
” This is a very good attempt to promote cooperation between two great nations of Iran and Turkey. By signing this agreement power exchange turns into an effective factor that improves power generation potentials in Iran.” he said
“Pump-storage projects are growing in the world day by day and Iran as well as other countries has not ignored this fact and planned to develop several pump-storage projects.” he added.
He also noted that providing finance for pump-storage projects is the main obstacle in the way.
"We are looking forward to using the potentials of Turkey, our friendly neighborhood, and believe good cooperation will accelerate implementation of such projects." he declared.
He also evaluated measures taken by deputy of Power and Energy Affairs to be valuable and effective and appreciated Islamic republic of Iran's embassy. He hoped that signing the agreement be the start of a constructive movement that would produce good results in future years.
Afterwards, Eghbalmanesh , executive officer of Seymareh commented on parties of consortium and said : The agreement was signed among Tavanir, IWPCO and Turkish Gent company. The agreement is worth more than 600 million dollars and the credit is given to IWPCO according to the anticipated schedule for construction of the 1000MW Seymareh pump-storage project. During the 5-year construction period of the project, 240 million dollars is provided for the project from power selling revenue generated by Tavanir, while a 360 million dollar loan is provided by Gent Company from Turkish bank credits. To perform the agreement a consortium of Iranian and Turkish companies including Perlite, VIG and Gent was formed. He also noted that the loan plus other costs is settled during the second 5-year period from selling power revenue to Turkey. "Currently we can sell 200 mw to Turkey. In order to reach 240 million dollar worth power , we should improve our exporting capacities . As we have managed, power export to Turkey has to increase up to 400 mw.
It is worth mentioning that Seymareh pump-storage project uses Seymareh dam storage reservoir as lower reservoir and by making an upper reservoir at higher overlooking elevations, it can produce 1000 (4*250) mw of energy. The project aims to improve power peak consumption and stability of network as well as export to neighboring countries. The upper reservoir volume is 5.5 million cubic meters and carries water to Seymareh dam storage reservoir through two separate tunnels each 5.0 in diameter. Being 180 m high, Seymareh double arch concrete dam is Ilam's tallest dam. The dam was constructed on Seymareh River at Ilam and Lorestan provinces' border. The dam is approximately located 700 km south-west of Tehran, and 40 km north-west of Dareh-shahr city.         

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Iran Water and Power Resources Development Co. 
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Content Type: Announcement
Created at 5/6/2012 12:56 PM  by mohammad-alireza 
Last modified at 5/6/2012 12:57 PM  by mohammad-alireza 
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