Czech power company CEZ has announced that its joint venture with the Turkey-based Akkok Group has acquired 100% of the Turkish power grid company Sakarya Elektrik Dagitim for $600 million.
The acquisition of Sakarya Elektrik Dagitim (Sedas) marks the start of investments being made by CEZ and the Akkok Group in the Turkish energy sector through their equal-stake joint venture Akenerji, to reach 3,000MW of power generation capacity by 2013. The investment outlay for this plan is about $3 billion.
According to the company, the AkCez Consortium, in which the Akkok Group holds 5%, Akenerji holds 45% and CEZ has a 50% stake, has paid $300 million in cash, while the remaining amount will be paid over two years in equal installments.
Tomas Pleskac, CEZ’s vice chairman and division international chief officer, said: In today’s worldwide economical conditions, we as well as our partner Akkok Group is happy for the investment in Turkey. It also confirms CEZ’s reputation as an investor into the energy sectors throughout the region of its international expansion.
CEZ Group is engaged in power in the Central and Southeastern European electricity market. Apart from the production and sale of electricity, the Group also deals in telecommunications, informatics, nuclear research, planning, construction and maintenance of energy facilities, mining raw materials, and processing energy by-products.
