German firm eyes renewable energy in Turkey
The Turkish market for renewable energy is expected to boom in the upcoming years.Frankfurt -- The German power group EnBW wants to invest a billion euros (1.25 billion dollars) in renewable energies with a partner in Turkey, a press report said on Tuesday.
"As a first step, we want to invest around one billion euros in the next three to four years," EnBW boss Hans-Peter Villis told the Financial Times Deutschland.
EnBW has signed a letter of intent with the Turkish group Borusan Holding, with each side owning half of the joint project.
The Turkish market for renewable energy is expected to grow by around eight percent per year, the newspaper said.
Development of wind and hydraulic energy sources was expected to result in a maximum generating capacity of 1,000 megawatts, the EnBW boss said.
Borusan is a conglomerate with sales of more than two billion euros in 2007 in activities that include steel production and distribution of the German luxury automobile BMW, the report said.
EnBW is the fourth biggest German power company, with 2008 sales of more than 16 billion euros.
The French energy group EDF owns 45 percent of the shares in EnBW.