On Sunday, December 29, 2024, the first introductory session for MAPNA Iranian Power Plant Management Group, a subsidiary of MAPNA Group, was held in Tehran.
The event took place at the Iran Fara Bourse building and included senior MAPNA executives, representatives from Arman Ati Investment Advisory, Kardan Investment Bank, Iran Fara Bourse officials, and journalists.
Mohammad Owliya, President of MAPNA Group, discussed the rationale behind the initial public offerings (IPOs) of MAPNA’s subsidiaries, emphasizing that the primary goal is to enhance financial transparency.
Pointing to the capacity and value of MAPNA Iranian Power Plant Management Group, Owliya highlighted its unique operations in combined cycle power plants, renewable energy, and cogeneration of water and electricity.
He mentioned that the thermal and combined cycle segment alone contributes to 9% of the country’s electricity production, representing some of MAPNA’s highest-quality assets.
He also pointed out that MAPNA’s power plants benefit from advanced manufacturing facilities and readily available components, ensuring optimal maintenance and support—an advantage unparalleled in other power plant operations.
Owliya also revealed plans to prepare several other MAPNA subsidiaries for IPOs, with eight companies slated for public offering in the coming year.
Company supervising generation of +6,500 MW
Mohsen Amiri, CEO of MAPNA Iranian Power Plant Management Group, provided an overview of the company, stating that it was established in 2016 with an initial capital of 50 billion rials.
In 2019, seven power plant companies and the Arman Parand MAPNA project fund were transferred to this company. By 2020, the company’s capital increased to 20 trillion rials through claims and cash contributions.
The company was accepted into the Iran Fara Bourse in 2023 and is now on the verge of its initial public offering under the ticker “ومپنا”, he said.
Amiri said the strategic geographical locations of the power plants under the company’s management play a crucial role in ensuring the country’s stable electricity supply.
The holding has a diverse portfolio, including combined cycle power plants, renewable energy facilities, and cogeneration plants, he said, noting that currently, 155 megawatts of renewable energy are operational, with plans to develop a 160-megawatt steam unit on Qeshm Island.
He noted that the holding has an installed capacity of 6,508 megawatts.
Enhanced profitability
Ahmadreza Farasat, MAPNA Group’s Economic and Financial Deputy, reported that the holding’s equity stands at over 180 trillion rials.
Accumulated profits reached 140 trillion rials in the financial statements for the first half of the current year, he told the event.
He added that key companies, including West Karun and MAPNA Renewable Energies Generation Company, along with the Asaluyeh, Tous, and Parand power plants, are implementing combined cycle units, enhancing profitability. This ensures the sustainability and reliability of the power plants, guaranteeing the holding’s profitability, he noted.
More MAPNA subsidiaries IPOs
Behnam Mohseni, CEO of MAPNA’s Financial Services Division, stated that MAPNA currently comprises 80 subsidiary companies.
Plans are underway to list certain subsidiaries on the capital market and establish specialized holdings in sectors such as “Electricity and Water,” “Oil and Gas,” and “Transportation.”
Mohseni noted that this approach would enhance corporate governance and internal controls, making MAPNA’s multi-disciplinary holding structure more tangible.
IPO as a financing tool
Ali Eslami Bidgoli, CEO of Arman Ati Investment Advisory, said that MAPNA is among the nation’s top companies by international standards, operating at the forefront of technology.
He acknowledged that the power plant industry has faced financial challenges in recent years, including extended receivables collection periods, impacting power plants and their development plans.
Bidgoli noted that MAPNA has adopted alternative financing methods to reduce reliance on government receivables, resulting in the holding now contributing 9% of the country’s electricity supply as it prepares to enter the Iran Fara Bourse. MAPNA Iranian Power Plant Management Group encompasses a consortium of seven companies, including MAPNA Qeshm Water and Electricity Generation Company, MAPNA Renewable Energies Generation Company, MAPNA Tous Power Generation Company, MAPNA Sanandaj Power Generation Company, MAPNA Asaluyeh Power Generation Company, MAPNA West Karun Power Generation Company, and MAPNA Genaveh Power Generation Company, alongside MAPNA Arman Parand Investment Fund.
