Statkraft acquires hydropower projects
Güncelleme Tarihi:
Hürriyet Daily News
Oluşturulma Tarihi: Mart 19, 2009 00:00
ISTANBUL - Norwegian state-owned electricity company Statkraft signed an agreement with the Global Yatırım Holding, a Turkish diversified holding company, to take over the Turkish firm’s hydropower projects, according to a statement Statkraft published yesterday on its official Web site
Under the agreement, Statkraft, the third-largest power producer in the Nordic region, will acquire 95 percent of Yeşil Enerji, a wholly-owned subsidiary of Global Yatırım.
Yeşil Enerji holds controlling interests in seven hydropower projects in Turkey, with a combined installed capacity of 633 megawatts, or MW and an annual generation capacity of 2.1 terawatts per hour, or TWh. The agreement is Statkraft’s first in Turkey.
"Statkraft will be taking over a portfolio of profitable hydropower projects, which will provide Turkey with more clean energy -- while establishing a foothold for Statkraft in the Turkish market, which is in the process of becoming integrated into the European energy market," said Chief Executive Officer Baard Mikkelsen.
One of the hydropower projects, a 20 MW facility, is under construction and scheduled for completion around the end of this year. Development of the other projects can start in 2010 at the earliest. Development and construction of the seven hydropower plants is expected to require a total investment of 600 million euros to 700 million euros.
Four of the hydropower projects hold generation licenses from the Energy Management Regulatory Authority of Turkey, or EPDK, and the remaining two are in the final stages of obtaining such permits. The transaction and transfer of the shares is expected to take place in June this year. Closing is subject to certain condition precedents set forth in the Sale Agreement, as well as certain regulatory approvals, including the approval of EPDK.
Yeşil Enerji holds controlling interests in seven hydropower projects in Turkey, with a combined installed capacity of 633 megawatts, or MW and an annual generation capacity of 2.1 terawatts per hour, or TWh. The agreement is Statkraft’s first in Turkey.
"Statkraft will be taking over a portfolio of profitable hydropower projects, which will provide Turkey with more clean energy -- while establishing a foothold for Statkraft in the Turkish market, which is in the process of becoming integrated into the European energy market," said Chief Executive Officer Baard Mikkelsen.
One of the hydropower projects, a 20 MW facility, is under construction and scheduled for completion around the end of this year. Development of the other projects can start in 2010 at the earliest. Development and construction of the seven hydropower plants is expected to require a total investment of 600 million euros to 700 million euros.
Four of the hydropower projects hold generation licenses from the Energy Management Regulatory Authority of Turkey, or EPDK, and the remaining two are in the final stages of obtaining such permits. The transaction and transfer of the shares is expected to take place in June this year. Closing is subject to certain condition precedents set forth in the Sale Agreement, as well as certain regulatory approvals, including the approval of EPDK.