Investment Opportunities
Turkey is a major energy importer with energy consumption exceeding its production. For Turkey to meet its energy demand, significant investments are necessary in the energy sector. The transition of the Turkish electricity market to a liberalized market has already attracted private investments from both domestic and foreign investors and more opportunities will occur. Among these, the privatization of state-owned generation and distribution assets, together with the new power plant establishments, can be pointed out.
Turkey has experienced a lively investment environment in the last five years in which many foreign investors have made greenfield investments, formed partnerships with local players and acquired state-owned and private companies.
The Turkish government is in the course of privatization of the distribution companies as a step towards full liberalization of the energy market. Privatization of electricity generation companies has accelerated during 2010. 52 hydro-electric power plants’ tenders were established under 19 groups with a total deal amount of USD 439.9 million. However, high investment costs have arisen at these plants which may cause some difficulties for investors and may end up in transfers of these plants to other investors within a few years.33
In addition, privatization of 13 thermal plants (12,474 MW) and 28 hydroelectric plants (3,687 MW) have been divided into 9 portfolios within the privatization process.32
A list of M&A transactions by foreign investors in the Turkish energy industry between 2004 and 2010 is given below.
There are 21 distribution regions under Turkish privatization portfolio. Kayseri region was the only private region and currently, the privatization tenders for 9 DisCo’s have been finalized, although one has been cancelled by the Council of State. Electricity distribution to the provinces of Aydin, Denizli and Mugla was removed from the privatization portfolio and the electricity distribution is made to this region by Aydem.34 The competitive environment as a result of the privatizations is expected to accelerate the electricity generation
investments34.
The privatization process regarding EUAS power plants has gained speed in 2010. The aim of privatizations is to prevent market dominance from emerging and to give rise to production capacity by strengthening competition. In this aspect, ADUAS has been privatized in 2008 and 13 thermal power plants and 28hydroelectric power plants with a total capacity of 16.2 GW have been divided to 9 portfolios to be privatized.
The power plants in these portfolios will be privatized after the privatization of Hamitabat, Soma, Can and Seyitomer power plants.
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