Turkish energy demand is expected to double by 2020, and Statkraft says it has plans for more and larger hydropower plants in Turkey.

"Statkraft's venture in Turkey is profitable and contributes to providing Europe with more clean energy. It also creates local jobs and development," says Statkraft CEO Christian Rynning-Tønnesen.

The Cakit hydropower plant will deliver power to the Turkish electricity spot market. It is a run-of-the-river plant, with an installed capacity of 20 MW and will have an average annual production of 95 GWh.

The Cakit hydropower station was one of several projects in the company Yesil Enerji, which Statkraft acquired for approx. €80 million at the end of June last year.

Statkraft is working on another three hydropower projects in Turkey. If all are completed, the facilities will have a total capacity of approx. 550 MW and the average production capacity will be approx. 1800 GWh annually. The total investments will amount to €500-600 million.