Goldman Sachs exits Turkish hydroplants

ISTANBUL - Radikal

Goldman Sachs’ firm Cogentrix has transferred its rights over five plants.

Giant American investment bank Goldman Sachs is to retreat from Turkish energy sector silently as the bank’s power generation subsidiary Cogentrix Energy is selling its five hydroelectric power plant projects to Turkish energy firm Bereket Enerji.

The firm, which has two online and three on-the-pipeline hydroelectric power projects in Turkey, had been seeking to transfer the licenses and the projects it holds due to a lower-than-expected income yield.

The hydroelectric power plants were causing a loss to Goldman Sachs, which entered the Turkey wind and hydro-power sector five years ago, and it had decided to sell the projects in order to prevent further damages, sources close to the matter told daily Hürriyet.

Goldman Sachs controls a 13.3 percent stakes of Turkish energy firm Aksa which remained as the sole operation of the bank in Turkey after the transfer.