Norway’s Statkraft buys Turkish hydropower operator

Norwegian power company Statkraft has agreed to purchase 95 percent of Turkish hydropower operator Yesil Enerji from Global Yatirim.

Statkraft said Yesil Enerji has seven hydroelectric projects worth up to 700 million euros (US$941.7 million).

Global Yatirim (Global Investment Holding) received four bids in February from potential partners for a stake in the renewable energy unit. (HNN 12/2/08) It had been seeking a strategic partner for the fully owned Yesil Enerji (Green Energy), which is involved in hydroelectric projects, mostly in the planning stages, with total capacity of about 633 MW.

Statkraft said development and construction of the projects would require a total investment of 600 million to 700 million euros (US$808 million to US$941.7 million).

One project, 20-MW Cakit, is under construction with completion expected by the end of 2009.

Yesil’s Internet site identifies the other projects as 36-MW Aksar, 43.7-MW Aksu, 20-MW Camkoy, 350-MW Cetin, 8-MW Ilica, and 98-MW Kargi. Development of the others is expected to begin no sooner than 2010.

Statkraft said four of the projects have licenses from the Energy Management Regulatory Authority of Turkey. The remaining two are in final stages of permitting.

�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,� Statkraft President Bard Mikkelsen said.

The transaction is expected to take place in June, with closing subject to certain conditions and regulatory approvals.

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