The state-owned National Transmission and Dispatch Company had sought permission to negotiate the agreement. The NTDC had signed a memorandum of understanding with its Iranian counterpart TAVANIR for electricity trade on May 31, 2012.
Iran will construct the power plant from its own resources while TAVANIR had offered to finance $265m HVDC interconnection project in its own territory.
Pakistan has been importing about 74MW from Iran for Balochistan at the same tariff since 2007.
The cost of transmission line from Iranian border to Quetta had been estimated at $580m.
Iran has generation capacity of about 70,000MW and it was adding about 5,000MW every year.
Iran also exports electricity to Turkey, Iraq, Afghanistan, Azerbaijan and Turkmenistan.
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