US company World Eco Energy has signed a preliminary agreement to invest $1.175 billion to generate electricity in Iran. The plan is to turn solid waste into power.

Representatives from the American company and the Chaharmahal-Bakhtiari Province Governor General, Malek-Mohammad Qorbanpour, signed the deal, the Tehran Times reported.

It is expected the project will create 650 immediate jobs, with another 2,000 emerging over the next two to three years, Oorbanpour told the IRNA news agency. Local companies will also be investing the same amount of money into the project.

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