Statkraft looking to sell 517-MW Cemig amidst Turkish conflict

Cetin Hydropower Project Map

Norwegian developer Statkraft is looking to sell the 517-MW Cetin hydropower plant in Turkey, sources report, despite that project still being under construction.

The announcement comes as concern about fighting between the Turkish government and Kurdish militants continues to grow.

Located on the Botan River in Turkey's Southeast Antolia Region, the project is being constructed in an area where a 30-month long ceasefire between Turkey and the Kurdistan Workers' Party (PKK) collapsed. The revival of the decades-long conflict near worksites forced the Norwegian power company to shutter development.

HydroWorld.com reported in February that work on Cetin was suspended by Statkraft due to fighting, with the Norwegian state-owned company taking a hit of about US$255 million during the stoppage.

Statkraft said it will use Garanti Bank-subsidiary Garanti Securities as a financial advisor in the bidding process, with expressions of interest from prospective purchasers due August 1.

The Cetin project includes two power plants: the 401-MW Main Cetin, with the 116-MW Lower Cetin to be located about six kilometers downstream. Work on the complex is reported to be about a third complete.

The facility is Statkraft's largest hydroelectric asset outside of Norway -- rights of which were included when the company purchased a 95% interest in Turkish operator Yesil Enerji from Global Yatirim in 2009.

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