German power company RWE to invest $820 million in Turkish plants
Güncelleme Tarihi:
The second biggest German power company, RWE, said Monday it bought stakes owned by number one EON in two Turkish projects, including a plant that would generate up to 800 megawatts of electricity.
RWE and Turkish partner Turcas Petrol would pay EON an undisclosed sum for its holding and invest an estimated 600 million euros ($820 million) in that project, a spokesman for the German group told AFP.
  Â
Work on the gas and steam co-generation plant is to begin in early 2010 and take several years, the spokesman said.
  Â
RWE would own 70 percent of the venture with Turcas, a company statement said.
  Â
The German power company also agreed to take a 70 percent stake in a coal-fired plant that is in the preliminary planning stages, the spokesman said.
  Â
EON has decided to cut back on investments between now and 2011 owing to the international economic crisis.
  Â
"We have decided not to further pursue a commitment to the Turkish power generation market," an EON spokesman told Dow Jones Newswires.
  Â
But in early March, another German energy company, EnBW, said it wanted to invest one billion euros in Turkish renewable energy projects.
Â
Photo is an archive image.