General Electric to quit energy partnership in Turkey

ISTANBUL

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General Electric (GE) has moved to sell its stakes in Turkey-based energy company GAMA Enerji to GAMA Holding, ending its seven-year partnership with the Turkish company.

The GE’s energy investments subsidiary GE Energy Financial Services has announced it has applied to the Competition Board to seek approval for the transfer of its 50-percent stake to GAMA Holding.

In a written statement, the company said the decision had been made upon investment portfolio decisions and would continue pursuing new opportunities in cooperation with GAMA Holding.

“GE continues investing in Turkey and GAMA Holding will remain a significant business partner of GE Türkiye, both in Turkey and the region,” the firm said.

GE Energy Financial Services had bought half of the Ankara-based Gama Enerji in 2007 and had announced plans to invest at least $4 billion until 2015 to build 3,000 megawatts of power plants in Turkey and the Middle East.

GE withdrew from the Turkish finance sector and sold its around 20 percent stakes in Turkish lender Garanti after the financial crisis broke out, which prompted the company to diminish its finance sector exposure.