Four Chinese companies will participate in establishing a combined cycle electricity power plant in Iran's central city of Damghan, Fars news agency reported. According to the report, the power plant's capacity would stand at 500 megawatts. Chinese companies will invest some 300 million euros for this project and construction will commence in the near future, the report said. Theran seeks to become a major regional exporter of electricity and has attracted more than $1.1 billion in investments for the construction of three new power plants. Based on the Fifth Five-Year Economic Development Plan, Iran should annually add 5000 MW to its power generation capacity. The country plans to boost its electricity generation capacity to reach 73GW by the end of the Fifth Five-Year Economic Development Plan (March 2016). Iran currently trades power with Turkey, Armenia, Turkmenistan, Azerbaijan, Pakistan, Afghanistan, Syria and Iraq. In an effort to diversify its destination markets, Iran plans to export electricity to Europe and Africa.