Statkraft sells Cetin project to Turkish firm

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.

For more business and finance news, visit here.

Previous articleContract awarded to make one California dam safer
Next articleJoshi named new chairman, managing director of NHPC Limited in India
Michael Harris formerly was Editor for

No posts to display