AES Entek is a joint venture formed between KOÇ HOLDING and AYGAZ in Turkey.
Under the terms of the agreement, AES will sell 100% stake in its assets in Turkey which include 364MW of operating natural gas and hydroelectric facilities and its interest in a coal-fired development project.
The transaction, which is subject to customary regulatory approvals, is due to be closed by the first quarter of 2015.
AES president and chief executive officer Andrés Gluski said: "With the sale of our Turkish assets, we will have exited nine countries and received proceeds of $2.4 billion from asset sales over the past three years.
"In line with our strategy, we have focused on simplifying our portfolio and exiting those markets where we do not have a sustainable competitive advantage.
"Active portfolio management has allowed us to prepay $1.3 billion in debt and invest $817 million in our shares, while reducing our corporate overhead by one-third, or nearly $200 million."
AES provides affordable, sustainable energy to 20 countries through distribution businesses as well as thermal and renewable generation facilities.
