Iran Plans To Invest $50 Billion In New Nuclear Power Plants

The head of the Atomic Energy Organization of Iran (AEOI) says the country plans to invest $50 billion for building new nuclear power plants.

Mohammad Eslami said on Saturday that the new power plants will be able to generate 10,000 megawatts of electricity, noting that “it is not an easy task, but we have manpower and advanced industries for it”.

Russia commissioned Iran's first nuclear power plant, Bushehr, in 2011. It has one operational unit that generates 1,000 megawatts, providing less than two percent of the country’s electricity.

There are conflicting reports about how much the Bushehr plant coat, with former vice president Es’haq Jahangiri putting it at $8.5 billion and the Carnegie Endowment estimating it at $11 billion that took four decades to complete, making it one of the most expensive reactors in the world.

In January, AEOI spokesman said, “Negotiations are underway between Tehran and Moscow to construct the second and third units of the Bushehr power plant”.

South Korea made UAE’s Barakah nuclear power plant with $24 billion that can generate 5,380 MW and Poland is building a 9,000-MW plant with about €30 billion.

Financially crippled by US sanctions Iran has little capacity to finance such a project. In November, Iran said it needs $160 billion of investmentsin its oil and natural gas industries in the coming years, to avoid becoming a net importer.