Norwegian energy company plans to invest up to $1.2 bln in Turkey
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Norwegian energy company, Statkraft, which acquired a 95 percent stake in a subsidiary of Turkey's Global Investment Holdings (GYH) on Wednesday, is expected to invest up to $1.2 billion in seven hydropower projects.
Turkey's Yesil Enerji holds controlling interests in seven hydropower projects with a combined installed capacity of 633 MW and an annual generation capacity of 2.1 TWh, the statement said, adding that development and construction of the seven hydropower plants is expected to require a total investment of up to 700 million euros ($1.2 billion).
The transaction and transfer of the shares is expected to take place in June, Global said in a statement.
One of the hydropower projects, a 20 MW facility, is currently under construction and scheduled for completion at the end of 2009. The development of other projects is expected to begin after 2010 at the earliest.
Four of the hydropower projects hold generation licenses from the Energy Management Regulatory Authority of Turkey (EMRA), and the remaining two are in the final stages of obtaining permits.
Global is a public Turkish company operating in several key sectors in the country, including the operation of privatized cruise and commercial seaports, natural gas distribution, energy, real estate, brokerage and corporate finance.
Statkraft is
Global Investment Holdings, a Turkish diversified holding company, have signed an agreement with Norwegian power company Statkraft to sell 95 percent of its Yesil Enerji subsidiary, the company said in a statement on Wednesday.