German utility EnBW Energie Baden-Wurttemberg has signed a Memorandum of Understanding (MoU) with Turkish industrial group Borusan Holding for a major push into renewable energy projects.
The parties plan to establish a joint venture by the end of April and work to develop installed generating capacity of approximately 2GW in Turkey, mostly in renewables projects.
According to press reports from Turkey, EnBW will take a 50% stake in the energy unit of the Turkish group. The initial aim of the JV is to develop wind and hydro power plants with combined capacities of up to 1GW.
Another report said the companies would invest a total of Euro1B (US$) in the strategic venture over about four years.