Invest News DetailZaman - Norwegian energy company Statkraft, known for its renewable energy projects, held an investment presentation ceremony on Monday for its Kargi Hydropower Plant currently under construction in Turkey’s Black Sea province of Corum. The 102-MW hydropower plant will cost EUR 250 million to build, and is expected to be operational by 2013. Norwegian Prime Minister, Jens Stoltenberg, Turkey’s Minister of Energy and Natural Resources, Taner Yildiz and Statkraft CEO Svein Aaser participated in the presentation ceremony via video link, as weather conditions did not allow air transportation from Ankara to Corum. Once operational, the power plant on river Kizilirmak will deliver 470 GWh of power, enough to power 150,000 homes, while directly and indirectly creating 500 jobs. Statkraft is the biggest renewable energy company in Europe and is one of the biggest in the world, said Statkraft CEO Svein Aaser at the ceremony. “We work hard to be one of the leading producers of energy in Turkey, where there is great progress in hydropower energy building on the country’s vast potential,” Aaser noted, highlighting the country’s consistent growth in line with its targets. “Our primary focus area is hydropower projects in Turkey in which we have long-term investments, but Statkraft is also experienced in wind energy. We will consider investments in Turkey’s wind energy sector should an opportunity arise,” Statkraft CEO noted. Statkraft has one operational hydropower plant and two under construction in Turkey. The 20-MW Cakit Hydro Power Plant in Adana joined the grid in June 2010, while construction in the Cetin Hydro Power Plant in the southeastern province of Siirt began in late 2011. Statkraft’s investment total in Turkey amounts to USD 1.2 billion with three hydropower plants that are expected to generate almost 2 TWh annually. Turkey’s energy market is one of the fastest growing in Europe, and it is expected to attract USD 20 billion of investments in renewable resources over the next five years.