Prime Minister Witnesses Finalisation of TNB’s Investment In Turkey’s Energy Sector
Istanbul, 13th April 2016 – Malaysian Prime Minister Datuk Seri Mohd Najib Tun Razak today
witnessed Tenaga Nasional Berhad’s (“TNB”) entry into Turkey’s expanding energy sector
with the successful transfer of shares in GAMA Enerji A.S. to Global Power Enerji A.S., a
wholly-owned subsidiary of TNB. This follows TNB’s successful acquisition of a 30% stake in
GAMA Enerji on 14 December 2015 from GAMA Holding A.S., International Finance
Corporation (“IFC”), and IFC GIF Holding, a fund managed by the IFC Asset Management
In a brief ceremony today witnessed by the Prime Minister, GAMA Holding Executive Vice
President, M. Arif Ozozan, exchanged the GAMA Enerji share certificates with TNB’s
President and Chief Executive Officer, Datuk Seri Ir. Azman Mohd.
Established in 2002, GAMA Enerji is a power and water infrastructure development
company. It is constructing an 840MW gas-fired plant and a 45MW wind power plant in
Turkey which will go live in Q3 2016 and Q4 2016 respectively. It has also developed and
operates a large water conveyance project in Jordan. By 2017, GAMA Enerji is expected to
have a gross installed capacity of 1,027MW in Turkey.
The US$255 million deal, originally valued at US$243 million, was concluded on 12 April
2016 and seals TNB’s first foray into Turkey’s growing energy sector. The additional US$12
million is a result of both parties’ agreement to retain additional assets as a project of
GAMA Enerji. TNB’s investment in GAMA Enerji launches a strategic partnership which
allows it to pursue regional expansion opportunities in terms of acquiring assets, launching
greenfield projects, portfolio optimisation and supply market entry.
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