ACWA Power buys Turkish energy company for $9mn
Purchase of Ventis Enerji cements Saudi firm's footprint in the country.
Saudi firm ACWA Power has reportedly bought a Turkish energy company established less than two years ago.
Paddy Padmanathan-led ACWA paid TRY 25.3mn ($9.15mn) for Ventis Energji, the Cumhuriyet daily said on Monday.
Ventis was established in October 2013 with a capital of TRY 50,000 by Ahmet Munir Gul, the oldest son of former President Abdullah Gul, the report said.
ACWA Power has been active in energy projects in Turkey for six years and is building a 900MW gas-fired power plant near the Anatolian town of Kirikkale at a cost of $1bn.
Earlier this year Alstom announced a $260mn contract to supply the main power generation components to the project to Samsung Construction and Trading (SCT), the Korean company responsible for the engineering, procurement and construction (EPC) on a turnkey basis.
The greenfield project is expected to be commissioned in May 2017.
Abunayyan-controlled ACWA was founded in Saudi Arabia ten years ago but has already established itself as a leading regional a global developer of power and water projects.
The company operates plants of all types throughout the Middle East as well as Europe, North and Sub-Saharan Africa and Southeast Asia.