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A New Step In Sabanci-Verbund Cooperation
-VERBUND TO ACQUIRE 49.99-PERCENT STAKE IN ENERJISA
-PARTNERSHIP TRANSACTION TO COST USD 326.2 MILLION TO VERBUND
-SABANCI HOLDING’S ENERGY GROUP’S CEO HAKMAN: “VERBUND HAVE RECOGNISED OUR DETERMINATION”
Having signed a cooperation agreement based on equal shares last December, Sabanci Holding and Verbund have decided to move their cooperation to the level of a Joint-Venture.
While the Verbund Supervisory Board, at the meeting held on 14 March 2007, resolved to acquire a 49.99 interest in Enerjisa Enerji Üretim A.Ş., an affiliate of Sabanci Holding, the Board of Directors of Sabanci Holding, too, signed a similar resolution.
Acquisition of 49.99 percent interest of Enerjisa Enerji Üretim A.Ş. will cost USD 326.2 million to Verbund.
Making a declaration on the issue, Mr. Selahattin Hakman, CEO of the Energy Group of Sabanci Holding, said: “Verbund, with whom we signed an agreement of cooperation before, have recognised our determination. Therefore we are moving our cooperation to the level of a Joint-Venture, on the basis of an equal-share partnership. Work on this issue is currently in process.”
Hakman continued as follows: “Primary goal of the partnership is to create a jointly-controlled, vertically-integrated company, to cover all the operations in the energy sector –excluding nuclear– in Turkey. Target of our partnership is to secure a minimum share of 10 percent in the Turkish market by the year 2015. For this purpose we provide to establish hydropower, gas, coal, and wind power plants with a total capacity of minimum 5,000 MW. And, as we have announced before, we are also interested in participation, together with our partner, in the privatisation process of the power distribution and generation industry planned in Turkey.”
Hakman did also state that companies would be founded that would deal with the sale and trade of electricity besides the generation and distribution thereof, such companies would be controlled by the newly created partnership, and added: “To put it in other words, all the strategic, financial, and operational decisions will require approval of both partners.”
Enerjisa currently operates gas power plants with a total output of 370 MW. Having also a brown coal deposit with a generation capacity of 450 MW, the Company holds hydropower licences for a further 268 MW. The partnership will be founded partly by acquisition of stock, and partly by capital increase.