Norwegian renewable energy operator Statkraft has decided to sell the partially-completed Cetin hydroelectric plant in Turkey.
Statkraft gained rights to the 517 MW project in 2009, when the company purchased a 95% interest in Turkish operator Yesil Enerji from Global Yatirim.
The project has now been sold to Turkish group Limak Holding, which will reportedly invest US$400 million into completing the plant in time for a 2021 commissioning.
The facility, located on the Botan River in the Southeast Antolia Region, had been Statkraft’s largest hydro asset outside of Norway.
The complex itself includes two power plants: the 401-MW Main Cetin, with the 116-MW Lower Cetin to be located about six kilometers downstream.
The project is being constructed in an area where a 30-month long ceasefire between Turkey and the Kurdistan Workers’ Party (PKK) collapsed. The revival of the decades-long conflict near worksites forced the Norwegian power company to shutter development in 2016.
At that time, Statkraft said it expected to lose more than $245 million due to the stoppage.
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