Norwegian energy group Statkraft, Europe's largest hydropower producer, sold its one-third built Cetin hydropower plant in Turkey to Turkish Limak Energy, an official from the company said on Thursday.
The Norwegian official told Anadolu Agency that the transaction would be completed in the third quarter of this year and will be announced on Oct. 26 with Statkraft's third quarter results.
Previously, it was reported that one third of the plant construction located on the Botan River, a tributary of the Tigris River in the southeastern Anatolian region, was completed.
Turkey's Garanti Securities, a subsidiary of Garanti Bank, was chosen as the financial advisor for the sale of the hydropower plant, which is currently under construction.
The hydropower plant was planned to have a capacity of 517 megawatts (MW), however due to security concerns, the Norwegian company halted the construction in February.
Statkraft fully owns the hydropower project, has a 49-year license for 517 MW with 1.4 terrawatts of annual production, and is eligible for favorable feed-in-tariffs for new renewable energy in Turkey.
Statkraft entered the Turkish market in 2009 through the acquisition of 95 percent of Yesil Enerji and its portfolio of hydropower projects. In 2010 the remaining 5 percent was acquired and Yesil Enerji was renamed Statkraft Enerji.
(Anadolu Agency)
