Norway’s Statkraft completes purchase of Turkish hydro operator

Norwegian power company Statkraft has completed the purchase of 95 percent of Turkish hydropower operator Yesil Enerji from Global Yatirim for a total of 139.2 million euros (US$.194.6 million).

Global Yatirim (Global Investment Holding) said June 24, 2009, that the enterprise value of Yesil Enerji (Green Energy) is 98.1 million euros (US$137.3 million) based on 100 percent ownership of six hydropower projects throughout Turkey totaling 560 MW. The transaction also includes a mechanism in which 50 percent of electricity wholesale prices and 50 percent of carbon emission revenues of the projects will be paid to Global Yatirim for the first three years of operation of each plant.

The companies previously said Yesil Enerji had seven hydroelectric projects worth up to 700 million euros (US$941.7 million). (HydroWorld 3/24/09) Global Yatirim received four bids in February from potential partners for a stake in the renewable energy unit.

In order to achieve 100 percent ownership of the projects prior to sale, Global Yatirim said 16.2 million euros (US$22.6 million) would be paid to acquire outstanding shares of two projects.

The Turkish firm said 95 percent of the closing value would be collected in cash, with the remaining 5 percent received following mobilization based on engineering, procurement, or construction contracts of each project. It said the condition already was satisfied for the 20-MW Cakit hydro project, which is expected to begin operation in the first quarter of 2010.

The projects all have generation licenses from the Energy Management Regulatory Authority of Turkey and are in various stages of development. Global Yatirim estimated development and construction of the projects would require an investment of US$1 billion over the next five years.

In addition to Cakit, Yesil’s Internet site identified its other projects as 36-MW Aksar, 43.7-MW Aksu, 20-MW Camkoy, 350-MW Cetin, 8-MW Ilica, and 98-MW Kargi.

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