Acwa Power buys Turkish energy firm

28/07/2015 06:05 AST

ISTANBUL — Saudi energy firm Acwa Power has bought a company run by Ahmet Münir Gül, the oldest son of former President Abdullah Gül, according to a report in the Cumhuriyet daily on Monday. Acwa Power purchased Gül's Ventis Enerji for TL 25.3 million, according to the report. Ventis Enerji was established only two years ago with TL 50,000 in capital. Ventis Enerji was established in October 2013 by the Geopol Yat?r?m investment firm, a company founded by Kitoko Ayd?nlatma. Kitoko's founders were former President Gül's father, Ahmet Hamdi Gül, and his older brother, Mehmet Macit Gül, according to the report. Investments in Ventis increased steadily over the past two years, ultimately leading to the TL 25 million purchase by the Saudi firm, which has been active in energy projects in Turkey for six years. The Saudi firm has said it is aiming to establish a 900 megawatt gas turbine power plant about 50 kilometers from the central Anatolian city of K?r?kkale, at a cost of $1 billion. It is involved in numerous projects throughout the Middle East and Africa. Saudi Arabia has said it plans to invest hundreds of billions of dollars in Turkey over the next 15 years. — SG


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