Statkraft divesting largest hydro project outside Norway


June 13, 2016






June 13, 2016





The Çetin power plant in Turkey, which saw construction works suspended in February, is up for sale by its Norwegian developer. State-owned Statkraft said it is hiring Garanti Securities as a financial advisor in the bidding process, with a deadline for expressions of interest expiring on August 1.

As fights between government forces and the rebels intensified in southeastern Turkey, Statkraft has stated in its quarterly results it decided to halt most of the construction works on the Botan river. The two facilities planned for total capacity of 517 MW are the Norwegian company’s biggest project outside the home market. It is located in provinces of Siirt and Bitlis. Statkraft said at the time it wrote off NOK 2.09 billion (EUR 220 million) from assets.

The system, which had a third of the works completed, consists of the main plant of 401 MW and the 116 MW unit six kilometres downstream. The company gained control over the project when it acquired 95% of Turkish operator Yeşil Enerji from Global Yatırım in 2009.

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