Under the terms of the deal, which has been signed with Iran’s energy ministry, Unit International will build seven separate regions in Iran to meet 10% of the country’s electricity needs.
The power stations are expected to have a combined power generation capacity of 6,020MW.
Unit International plans to commence construction of the power plants in the first quarter of 2017, reported Reuters.
Unit International head Unal Aysal said: "This is one of the largest investments ever made in a single package in Iran and the world."
As per the 20-year deal, the power plants, which will run on build-operate model, will receive natural gas from Iran in exchange for the electricity generated at the combined cycle power plants.
Yeni Safak quoted Aysal as saying: "Iran will supply natural gas to us for 20 years and we will sell the electricity for 6 years with agreed price. This deal is an pioneer agreement regarding expansion of Iran’s market to foreign capital.
"Mutual trust and friendship which going back many years, provide us to create a model which can open the doors for capital flow into Iran."
Thermal Power Plant Holding (TPPH) signed the deal with United International on behalf of Iran Energy Ministry.
Daily Sabah cited TPPH general manager Mohsen Tarztalab as saying that United International will build the new natural gas-combined cycle plants which will provide double efficiency than the existing plants in the country, thus reducing natural gas consumption by 50%.
