IFC mulls 170 mln euro equity investment in Turkey's Gama Enerji

ANKARA (Turkey), September 16 (SeeNews) – International Finance Corp (IFC) said it is considering investing 170 million euro ($220 million) in Turkish wind and hydropower plant operator Gama Enerji to finance its project pipeline.

IFC will subscribe to secondary and new share issues of Gama Enerji Company in order to provide equity for the pipeline projects that are expected to materialize in the next two to three years, IFC said in a statement on Monday.

The total cost of the projects is estimated at $1.3 billion, according to IFC. They include a 45 MW wind farm in western Turkey’s Manisa province, a 10 MW wind farm in the province of Balikesir and a 200 MW wind farm in the Istanbul province, according to information on its website. It also has an 840 MW combined cycle power plant in central Turkey under construction.

Gama Enerji is equally owned by US General Electric Energy Financial Services and Turkish conglomerate Gama Holding. IFC will start the equity investments after GE EFS exits the joint venture. The US company has already launched the sale procedure.

Gama Enerji operates three hydropower plants with total capacity of 724.9 MW and three wind farms with combined capacity of 69.75 MW in Turkey, IFC said. The company also operates the Disi water conveyance project in Jordan under a build-operate-transfer concession contract with Jordanian government.

($ = 0.772 euro)

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