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Saudi Arabia,Turkey : ACWA POWER acquires TURKEY based VENTIS ENERGJI
Publish Date : 29-Jul-2015
Saudi firm ACWA Power, led by Paddy Padmanathan has reportedly acquired a Turkish energy firm, Ventis Energji which was established merely two years earlier. The acquisition is said to be worth TRY 25.3mn ($9.15mn).
Ahmet Munir Gul, the oldest son of former President Abdullah Gul, had established Ventis, in October 2013 with a capital of TRY 50,000.
For last six years, ACWA Power has been active in energy projects in Turkey and is developing a 900MW gas-fired power plant near the Anatolian town of Kirikkale at a cost of $1bn.
Alstom had earlier during this year announced a $260mn contract to supply the main power generation components to the project to Samsung Construction and Trading (SCT), the Korean company responsible for the engineering, procurement and construction (EPC) on a turnkey basis.
Commissioning of he greenfield project is expected in May 2017.
