Business & Finance

Turkey’s Borusan plans up to US$350 million hydro investment

Turkey’s Borusan Holding plans to invest US$300 million to US$350 million by 2010 to create a hydroelectric project portfolio.

The company, whose activities range from steel to logistics and telecommunications, unveiled a plan in 2006 to create a portfolio of renewable energy plants with a total capacity of 200 to 250 MW.

Borusan Chief Executive Agah Ugur said August 2 he hoped the company would be able to announce by the end of the month the details of a cooperation deal with a Turkish company that has a license to build a 100 MW hydroelectric plant. He said Borusan is moving rapidly into the sector to avoid missing out on current opportunities.

“We decided to grow more rapidly in a modular way by creating seed projects,� Ugur said. �Our talks are continuing with other license holders in order to reach our target of 200 to 250 MW.”

The company aims to increase this target capacity to 500 to 600 MW through coal-fired and wind power plants. The investments will be focused in the eastern Black Sea and eastern Anatolian regions, he said.

Following its entrance into the energy sector, Borusan aims for annual turnover of US$5 billion by 2010. The company achieved turnover of US$2.343 billion last year and now expects to exceed its US$2.8 billion target for this year and reach US$3 billion.