An unfinished hydropower plant is sold by Norway’s Statkraft to Turkey’s Limak

25/09/2017 16:44 Hydro

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A partially constructed hydropower plant in Turkey has been sold by Norwegian utility Statkraft to local conglomerate Limak Holding. The Turkish group will invest $400 million in the plant, which is likely to launch operations by 2021.

Statkraft's largest hydropower plant outside Norway is the Cetin power plant in southeast Turkey, however its construction had to stop because of fighting between security forces in Turkey an Kurdish PKK militants in 2016.

 

The project was built at 20% and about 2.1 billion crowns worth assets have been wrote down by Statkraft last year, or $269.8 million. A Statkraft spokesman declared that the deal was closed, and its value would be published in the company’s third-quarter results on the 26th of October.

 

Limak’s official told Reuters that the firm, involved in sectors such as tourism, construction, energy, plans the facility to start operations by 2020, though 2021 might be a more realistic date.

 

When Limak took over, accordiWng to sources, a part of the construction work started and some equipment ordered. As of today, Limak investments will be around $400 million. No security issues were experienced, as Limak is an investor with different facilities in the area.

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