Koc-AES Partnership Invest USD 5 Billion in Turkish Energy Industry

Turkey’s Koc Holding has signed a partnership deal with the US-based energy company AES, in a bid to extend its operations in Turkey’s booming energy industry. Already active in the energy market with Tupras and Aygaz, Koc Holding’s partnership deal with AES covers up to USD 5 billion worth of investments in electricity generation.

Under the terms of the deal, AES acquired a 49 percent stake in Entek, a subsidiary of Aygaz, at a cost of USD 136.46 million. The partnership aims to become one of the top five electricity producers in Turkey over the next five years, by achieving an installed capacity of 3,000 MW, utilizing Turkey’s various renewable and non-renewable energy sources.

Source: http://www.invest.gov.tr/en-US/infocenter/news/Pages/021210-koc-aes-partnership-turkish-energy-market.aspx