RWE to Invest in Turkish Power Plants

March 23, 2009
One plant will generate up to 800 megawatts of electricity.

The second biggest German power company, RWE, said on March 23 it bought stakes owned by number one EON in two Turkish projects, including a plant that would generate up to 800 megawatts of electricity.

RWE and Turkish partner Turcas Petrol would pay EON an undisclosed sum for its holding and invest an estimated 600 million euros (US$820 million) in that project.

RWE would own 70% of the venture with Turcas.

Work on the gas and steam co-generation plant is to begin in early 2010 and take several years, the spokesman said.

The German power company also agreed to take a 70% stake in a coal-fired plant that is in the preliminary planning stages.

EON has decided to cut back on investments between now and 2011 owing to the international economic crisis. "We have decided not to further pursue a commitment to the Turkish power generation market," an EON spokesman said. But in early March, another German energy company, EnBW, said it wanted to invest one billion euros in Turkish renewable energy projects.

Copyright Agence France-Presse, 2009

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