FOR POWER OUTAGE OR BREAKDOWN, PLEASE CALL 15454
FOR POWER OUTAGE OR BREAKDOWN,
PLEASE CALL 15454

TNB Invests In 30% Stake for Gama Enerji to Gain Strategic Foothold in Turkey’s Growing Power Market

15/12/2015

  • Access to GAMA Enerji’s well-balanced portfolio of power and utility assets
  • Formation of a strategic partnership with highly regarded industry experts in MENA
  • Complements TNB’s five-year expansion roadmap to secure new overseas generation capacity

Tenaga Nasional Berhad (“TNB”) today announced its entry into Turkey’s growing power sector after it signed a Share Sale Agreement (“SSA”) and Shareholders’ Agreement (“SHA”) to invest in a 30% stake in Turkish power company, GAMA Enerji A.S. (“GAMA Enerji’), for US$243 million. TNB will acquire the stake from GAMA Holding A.S (“GAMA”) as well as International Finance Corporation (“IFC”), a member of the World Bank Group focused on the private sector, and GIF Holding I Cooperatief U.A (“GIF”), a fund managed by the IFC Asset Management Company.

Established in 2002, GAMA Enerji is a subsidiary of GAMA Holding, one of the most prominent conglomerates in Turkey with activities in construction, EPC contracting, concessions, trade and energy/water investment. GAMA Enerji is a power and water infrastructure development company which owns and operates a large and well-balanced portfolio of thermal, wind and hydro assets in Turkey as well as a large water conveyance project in Jordan. GAMA Enerji currently has a 840MW natural gas-fired plant and a 45 MW wind power plant under construction 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, it is expected to have a gross installed capacity of 1,027MW in Turkey.



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