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Statkraft acquires hydropower projects in Turkey

Norwegian Statkraft AS and Turkish Global Investment Holdings have signed an agreement to transfer hydropower projects to Statkraft.

Under the agreement Statkraft acquires 95% of Yesil Enerji, a wholly-owned subsidiary of Global Investment Holdings. Yesil Enerji holds controlling interests in 7 hydropower projects with a combined installed capacity of 633 MW and an annual generation capacity of 2.1 TWh.

Development and construction of the 7 hydropower plants is expected to require a total investment of €600-700 million.

One of the hydropower projects, a 20 MW facility, is under construction and scheduled for completion around the end of 2009. Development of the other projects may start in 2010.

Four of the hydropower projects hold generation licenses from the Energy Management Regulatory Authority of Turkey (EMRA), and the remaining two are in the final stages of obtaining permits.

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