Turkish Energy Sector Heats Up

September 2008 | M&A News Alert

There were sparks in Turkey's energy sector this week, as Zorlu Enerji confirmed that one of its subsidiaries, Zorlu Natural Energy had signed a US$350mn loan with foreign branches of Turkish banks to fund its acquisition of Ankara Natural Electricity. This followed its successful bid of US$510mn for the rights to Ankara earlier in the year. Ankara Natural Electricity owns the rights to electricity production at seven hydroelectric power stations, and a geothermal power plant. Zorlu Enerji is one of a number of firms that are looking to increase their presence in Turkey's expanding energy sector.

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