Iran and Russia have signed a $25 billion agreement to construct four nuclear power plants in Iran, sources reported on Friday. The deal, inked between Iran Hormoz Company and Russia’s state nuclear corporation Rosatom, will see the plants built in the Sirik region of Hormozgan province on a 500-hectare site and is expected to generate 5,000 megawatts of electricity.
Rosatom had earlier signed a memorandum of understanding for the construction of small nuclear power plants in Iran, though no specific number of units was disclosed at the time. The new agreement covers Generation III plants and was signed in Moscow.
The announcement comes amid the impending return of so-called snapback UN sanctions triggered by European parties to the 2015 nuclear deal, including Britain, France, and Germany. These countries cited Iran’s failure to meet its commitments under the agreement.
Iran, which has occasionally faced electricity shortages during periods of high demand, currently operates only one nuclear power plant in Bushehr, also built by Russia, with a capacity of around 1 gigawatt.
Russia maintains close relations with Iran and condemned US and Israeli strikes on Iranian nuclear sites in June. Israel has claimed, without presenting evidence, that Iran is close to acquiring nuclear weapons, which Iran denies.
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