Norway’s Statkraft puts partly built Turkish power plant up for sale

n_100426_1Norway’s Statkraft is launching a process to sell its partly built Çetin hydropower plant in Turkey, with the deal expected by the end of this year, the state-owned power producer said on June 13.

Statkraft said in February it has decided to suspend construction of the 517-megawatt plant in southeast Turkey due to security concerns.

Statkraft said it has chosen brokerage Garanti Securities, a subsidiary of Turkey’s Garanti Bank, as financial advisor for the sale and had set an August 1 deadline for submitting indicative bids.

The plant, Statkraft’s biggest hydropower project outside Norway, is about one-third complete.

Once built, it could produce 1.4 terawatt-hours (TWh) of electricity per year, the company said.

In February, Statkraft took a full charge of 2.1 billion Norwegian crowns ($254.82 million) due to suspension of the project.