Statkraft commits to Turkish market despite turmoil

Christian Rynning-Tønnesen, chief executive of Statkraft AS, denied rumours the company would leave Turkey following the failed military coup attempt in July. In early September he told Anadolu Agency’s Energy News Terminal the potential of renewables in the country as well as the tariff mechanism offer attractive prospects.

Statkraft, fully owned by the Norwegian state, builds and operates hydropower plants and other green energy and conventional projects. In June, the company decided to look for a buyer for its Çetin hydro facility in Turkey, located on the Botan river, a tributary of the Tigris river in the region of Southeastern Anatolia. Earlier, due to escalation in fighting between government forces and the rebels in the area, Statkraft stated in its quarterly results it decided to suspend most of the construction works.

The coup attempt and retaliation in the aftermath raised concern about the economy and democracy. Rynning-Tønnesen said Turkey is a key market in hydropower generation and wholesale power trading. He said expansion in the market is possible, “subject to internal competition, adjusted to the financial situation and the investment capacity of the company.”

The Nordic energy giant owns the run-of-river Çakıt facility in the southern province of Adana, with an installed capacity of 20.2 MW, and the 102 MW Kargı Kızılırmak in Osmancık in the Black Sea province of Çorum.