On July 4, 2005, MAPNA International Company signed a 20-year energy conversion agreement with Iran’s Power Generation and Distribution Company (TAVANIR), a subsidiary of the Ministry of Power.
Following the agreement, Fars Gas Power Plant FZ Company was incorporated by MAPNA International Company, investor of the project, in Jebel Ali Free Zone, UAE. Fars Gas Power Plant comprises six gas-fired units running on 162-MW V94.2 turbines manufactured by MAPNA Turbine Engineering and Manufacturing Company. 
The power plant can be converted into a combined cycle complex upon demand. The power plant is located at the 25th kilometer of Shiraz-Fasa road. 
Construction operations kicked off on August 19, 2019, after financing hurdles were removed.
Partners to the contract include: 

1. Iran’s Power Generation and Distribution Company (TAVANIR) as off-taker and investee
2. Fars Gas Power Plant FZ Company representing MAPNA International Company as investor 
3. MAPNA Power Plants Construction & Development Company as construction contractor
4. MAPNA Operation & Maintenance Company (for a 20-year term) as operation contractor

The Iran office of the Fars Gas Power Plant FZ Company started operation in 2009. The office is responsible for all construction, operation, and financial affairs during the term of contract, on behalf of Fars Gas Power Plant FZ Company.
Current status
Commercial exploitation of the first gas-fired unit began on May 8, 2010. All six units are now synchronized to the national grid via a 400-kV substation.