The company was founded in 2011 by Pasargad Energy Development, Arian Mahtab Gostar, and Omid Taban Hour (as the main shareholders) to participate in a tender held by Iran's Privatization Organization. The company currently owns the combined cycle power plant in Urmia, with a capacity of 1,502 megawatts. Urmia power plant has always actively participated in providing energy readiness and ancillary services under the pricing system of the Power System Manager (Iran Grid Management Company). The construction project of three steam unit sections of Urmia combined cycle power plant was completed at the end of 2022, and 480 megawatts was added to the plant's total nominal capacity. Also, some of the gas units of the power plant have been upgraded simultaneously with the major overhaul and their nominal capacity has increased. The power plant currently has three energy production blocks of combined cycle with a nominal capacity of 1,502 megawatts.