Istanbul, 25 April (Argus) — Turkish utility Enerjisa has completed a deal partnering German utility Eon as part of Enerjisa's drive to add generation capacity, power distribution customers and new gas trading activities.
Eon formally completed an asset swap with Austrian energy firm Verbund for a 50pc share of Enerjisa, it said yesterday. Turkish conglomerate Sabanci Holding and Eon will be 50:50 partners in Enerjisa. Eon's partnership with Enerjisa cements its desire to expand outside its stagnant core European markets, while Verbund wants to focus on hydropower generation and strengthen its position in Germany.
The deal was finally concluded after receiving the necessary approvals from the European Commission, German and Turkish competition authorities and the Turkish energy regulator.
Enerjisa is already one of Turkey's largest energy companies with an installed capacity of around 1.8GW, and an additional 2GW under construction and around 1.5GW in the engineering stage. It now aims to achieve 7.5GW of installed capacity by 2020, widening its business portfolio by adding gas import and trading activities to grow into a ''leading regional energy company”.
The Turkish utility almost tripled its power distribution customer base this year. It won privatisation tenders for the Ayedas power grid, which serves the Asian side of Istanbul and the Toroslar grid around the Mediterranean city of Adana, paying around $3bn in total.
Sabanci's head of energy, Selahattin Hakman, told the ICCI energy conference in Istanbul yesterday that Enerjisa would use its experience from running Ankara's Baskent's power grid since 2008 in bringing about efficiency and operational reforms for the Ayedas and Toroslar networks.
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