South Korean and Turkish companies team up to build power plants in Iran
South Korea’s SK Engineering and Construction has joined hands with UNIT International, which is based in Belgium and owned by a leading Turkish businessman as part of the UNIT Group, to lead Iran’s largest ever private power development project worth 3.4 billion euros.
The South Korean group bought a 30 percent stake in Unit International Energy, which focuses on the Iranian market, the UNIT Group said in a statement on March 20, Reuters reported.
Unit International Energy undertook the construction of five major gas-fired power plants in four different areas in Iran with the total capacity of 5,000 megawatts (MW), and the South Korean company will be the strategic partner of the group in these investments, according to the statement.
The total investment volume for these power plants was announced 3.4 billion euros. The recently announced strategic partnership between the two groups will be around 1 billion euros, read the statement.
Unit International is owned by Ünal Aysal, the former chairman of major Turkish soccer club Galatasaray.
In a ceremony to ink the deal for the construction of power plants along with Iranian officials in 2016, Aysal said the power plants would meet around 10 percent of Iran’s energy needs when completed.