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Russia's InterRao to buy Turkish power plant
December 3, 2012 / 5:15 PM / 5 years ago

Russia's InterRao to buy Turkish power plant

ISTANBUL (Reuters) - State-controlled Russian energy group InterRao (IRAO.MM) expects to complete the purchase of a power station in Turkey this year, the company said on Monday during a visit to Ankara by President Vladimir Putin.

InterRao is looking to buy the Turkish subsidiary of U.S. company AEI that owns 90 percent of the 478-megawatt Trakya power plant, located 100 km from Istanbul. Houston-based AEI is in the process of winding up its operations.

“We have reached a tentative agreement with all shareholders and plan to close the deal to buy the Trakya power station in Turkey by the end of the year,” said InterRao spokesman Anton Nazarov.

Sources familiar with the matter say the deal had been held up for months amid tensions between Moscow and Ankara over the Syrian conflict, with Turkish government approval the last major hurdle left to clear.

The Energy Ministry said the cost of the deal would not exceed $100 million. AEI could not be reached for comment.

Trakya is a combined-cycle combustion turbine generator built in 1999 that can run either on natural gas or diesel oil.

Reporting by Darya Korsunskaya; Additional reporting by Anastasia Lyrchikova in Moscow; Writing by Douglas Busvine, editing by William Hardy

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