By Lefteris Karagiannopoulos and Ezgi Erkoyun
OSLO/ISTANBUL: Norwegian utility Statkraft has sold a
partially-constructed hydropower plant in Turkey to local conglomerate Limak
Holding, which will invest some $400 million in the plant and expects to start
operations by 2021, the firms told Reuters.
The Cetin power plant in southeast Turkey was to be
Statkraft's largest hydropower plant outside Norway but the company had to stop
construction due to fighting between Turkish security forces and Kurdish PKK
militants in 2016.
Only 20 percent of the project was built and Statkraft wrote
down assets valued at 2.1 billion crowns ($269.8 million) last year.
"The deal is closed," said a Statkraft spokesman,
adding the transaction's value would be published in the firm's third-quarter
results on Oct. 26.
Limak, which is involved in sectors such as energy,
construction and tourism, plans the facility to be operational by 2020 but the
beginning of 2021 is a more "realistic" date, a Limak official, who
declined to be named, told Reuters.
"When Limak took over, some construction work had taken
place and some of the equipment had been ordered. From today onwards, Limak
will make around $400 million in investments," the source said.
Security was not an issue in the area, the official added.
"We haven't experienced any issues about security in the area. Limak is
already an investor in the region with different facilities," the person
said.
Source: Reuters
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