One more Russian firm enters Turkey

ISTANBUL- Hürriyet Daily News

Russian energy company Inter Rao is preparing to acquire all of Trakya Elektrik’s main shareholder, U.S.-based AEI Energy, making it the latest Russian giant to enter the Turkish market.

According to the source, Russian Inter Rao is negotiating to acquire 100 percent of AEI, which entered the Turkish market two years ago when it bought a 90 percent stake in Trakya Elektrik for $400 million. AEI produces energy in different regions in the world like Latin American and China.

Trakya Elektrik has an electricity production capacity of 478 megawatts and produces roughly 3,800 gigawatt hours of electricity per year. According to official Turkish figures, the average person in Turkey consumes 540 kW of electricity a year.

Trakya Elektrik’s remaining 10 percent stake is owned by Gama Holding. Inter Roa, which has 16,000 employees, had a turnover of $18 billion in 2011, according to the company’s financials. The company has invested in the ex-Soviet bloc from Georgia to Tajikistan and has a total electricity production capacity of 18,000 megawatts.

Russian finance firms in particular have had their eye on Turkey. Gazprombank has become a partner with Tahincioğlu Holding’s energy company Avrasya Gaz while Moscow-based Renaissance Capital acquired Turkey’s Mira Securities in March, becoming the first Russian financial firm to invest in Turkey.