Turkey's antitrust authority permits IFC to buy 30% of Gama Enerji

ISTANBUL (Turkey), December 8 (SeeNews) – The Turkish Competition Authority said on Monday it has approved the acquisition of 30% of local power producer Gama Enerji by the International Finance Corp (IFC).

The IFC and the IFC Global Infrastructure Fund will acquire a combined 30% stake in Gama Enerji and will become joint venture partners in the company with local conglomerate Gama Holding, the regulator said in a statement.

In September, the IFC said it was considering a 170 million euro ($208 million) equity investment in Gama Enerji through subscribing to secondary and new share issues of Gama Enerji after U.S. firm General Electric Energy Financial Services (GE EFS) exits the company. GE EFS was cleared by the Turkish competition regulator in March to sell its 50% stake in Gama Enerji to its joint venture partner Gama Holding.

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. The company also operates the Disi water conveyance project in Jordan under a build-operate-transfer concession contract with the Jordanian government.

($ = 0.816 euro)

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