Rudeshur Power Plant

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In July of 2004, financial close was achieved on Iran's first private power plant, with the local Arian Mah’taab Gostar (Aryan Mahtab Goster) Company carrying out the project on a build-own-operate basis. The plant was to be located at Rudeshur, 40 kilometres outside Tehran. Gas was to be sourced from Iran Natural Gas Company and the offtaker was to be state power company Tavanir. Belgium-based Unit International was awarded the engineering, procurement and construction (EPC) contract for the single-cycle plant that was to initially have 750 MW of generating capacity, rising to 1,250 MW and then to 2,000 MW in subseqent phases. Germany's Siemens was been awarded the subcontract to supply three 264-MW turbines and electrical equipment while Unit International subsidiary STFA was to carry out civil and mechanical works. Work began immediately following the financial closure and was scheduled for completion in about 22 months. Financing was arranged by Hypovereinsbank and was structured as a blend of export credits from Germany’s Hermes and Belgium’s Office National du Ducroire, along with commercial debt. About Eur 150 million (US$180 million) was raised at syndication, with four banks coming on board – BNP Paribas, Calyon, Dexair and Fortis Bank. Germany’s Fichtner was the consultant. Government guarantees were signed by the Economy & Finance Ministry. Can't find type of Government Guarantee, no details available. None