GE to sell stake in Turkish developer

TURKEY: GE is to sell its stake in Turkish company Gama Enerji, through which it has developed a number of wind farms in the country.

The venture's projects include the 10MW Karadag wind farm
The venture's projects include the 10MW Karadag wind farm

The US conglomerate has started the regulatory approval process to sell its 50% stake to Gama Holding, which already owns the other half of the venture.

GE said in a statement that it is exiting some of its joint energy investments as part of its investment portfolio decisions.

The company was set up by the two parties in 2002 for the development of water and energy projects.

Last August, Gama Enerji reached financial close on the 35MW Gök II wind farm in Akhisar. The project is set to become operational this year and will bring the venture's wind capacity in the country to 67.5MW.

The project will use GE's 2.75-103 wind turbines.

This latest move by GE is counter to its recent strategy in Turkey. Wind energy is among the sectors GE identified alongside healthcare, aviation, transportation and gas-fired power projects under a three-year $900 million investment commitment in the country.

In 2012, GE installed about 160MW of its turbines on Turkish wind projects, making it the market leader for new capacity.

According to first-half 2013 figures from the Turkish wind energy association, GE ranks fourth in the country for cumulative capacity, with a 17.2% market share of the 2.6GW total.

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