Reuters - An energy partnership between the German company EnBW and Turkish conglomerate Borusan Holding will invest EUR 2.5 billion (USD 3.3 billion) over the next eight to ten years, the companies announced on Monday. EnBW acquired a 50 percent stake in Borusan Enerji from Borusan Holding at an unspecified price. The deal is subject to regulatory approvals.
"Our target is to become one of the top seven or eight energy-producing companies in Turkey in ten years," said Ahmet Kocabiyik, Chairman of Borusan Holding, at a news conference. The joint venture will focus primarily on renewable energy and make an investment to produce 1,000 megawatts (MW) of power after completing 17 projects, with a final target of 2,000 MW.