10/10/2008

Czech power group CEZ buys 37.4 pct of Turkey's Akenerji

AFP - Czech state-run energy giant CEZ has bought a 37.4 % stake in Turkish energy distributor Akenerji Elektrik Uretim, CEZ spokeswoman Eva Novakova said Wednesday. "Today we have accomplished another milestone in the CEZ Group's international expansion," said CEZ board chairman and chief executive Martin Roman. CEZ, the largest power producer in central Europe, will pay 302.6 million dollars (224 million euros) for the shares to Turkey's Akkok Group. Akenerji is planning to raise energy output to 3,000 megawatts in five years from the current 500 megawatts in cooperation with CEZ. "This increase will require investment worth about three billion USD (2.2 billion euros)," Novakova said.