Iran has started construction of a 5GW nuclear power plant in the country’s southern coastal province of Hormozgan.

Dubbed Iran-Hormoz, the new Iranian nuclear power plant is part of the country’s larger plans to develop the Makran coastal region.

The announcement on the construction was made by the Atomic Energy Organization of Iran (AEOI)’s head Mohammad Eslami. This came during a visit of Iranian President Ebrahim Raisi and his administration officials to the province, reported Islamic Republic News Agency (IRNA).

Iran’s official news agency also stated that the construction is underway in Sirik city and once the nuclear power plant is operational, the country will become the largest producer of nuclear electricity.

Besides, the Iran-Hormoz nuclear facility is expected to contribute towards AEOI’s long-term target of generating 20GW of nuclear electricity in the country.

According to various other news reports, the new nuclear power plant will be constructed fully by domestic experts.

The Iran-Hormoz plant will reportedly entail an investment of $20bn. The facility is anticipated to generate approximately 4,000 jobs.

Presently, the Bushehr nuclear power plant is the only operational nuclear facility in Iran.

The Bushehr 1 has a total net capacity of 915MW while the Bushehr 2 nuclear unit is designed to have a capacity of 974MW.

Both the nuclear units are owned by Nuclear Power Production and Development of Iran.

The Bushehr 1 nuclear plant has been operational since 2011 and the Bushehr-2 is scheduled for commissioning in 2025. The construction of the Bushehr-2 unit commenced in 2019 and a third unit is also in the plans.