Turkey’s Kardemir acquires energy company to build hydroelectric plant

Wednesday, 29 September 2010 14:08:42 (GMT+3)   |  

On September 28, Turkish long steel producer Kardemir Karabuk Demir Celik San ve Tic A.S. (Kardemir) announced that it has wholly acquired Enbati Elektrik Uretim San. ve Tic. A.S., which is due to build a 22.5 MW hydroelectric plant, through a share purchase of €10 million in cash. The completion of the purchase is subject to related approvals.

With the new acquisition, Kardemir aims to strengthen its position in the energy sector, while reducing its energy costs. The company also said that it seeks to increase its water supplies, by acquiring the planned plant, which will be built on Soganli creek from where Kardemir already obtains water supplies required for its production process.

As SteelOrbis previously reported, Kardemir is building a power plant, which will generate 50 megawatts of power using the plant's gas emissions and, thus, it will enable the production of power used in the plant internally.

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