E.ON and Austria-based Verbund have signed conclusive contracts for a substantial asset swap, which will result in E.ON acquiring Verbund’s share of EnerjiSA.
In return, the Düsseldorf-based company will transfer its stakes in certain hydroelectric stations in the German state of Bavaria to Verbund, who is already a joint owner in it.
E.ON will buy 50% of EnerjiSA and the other 50% is owned by Sabanci Holding, a financial and industrial conglomerate in Turkey.
Currently, EnerjiSA’s generation portfolio comprised of gas-fired, hydro, and wind assets totaling about 1,700MW of installed capacity. In addition, the firm has 3,500MW under various stages of construction and development.
E.ON chief executive Johannes Teyssen said entry into the Turkish energy market is second this year after entry into Brazil.
"Turkey has one of the fastest-growing economies in the world, and the rise in its energy demand has been strong and steady.
:This transaction gives us a superb platform for value-enhancing growth outside our markets in Europe," Teyssen added.
The latest transaction is expected to close in the first quarter of 2013.
