Sabancı, Germany’s E.ON official partners

ISTANBUL- Hürriyet Daily News

Sabancı Holding’s Chairman Güler Sabancı

The partnership between Sabancı Holding and E.ON, one of the world’s largest investor owned electricity and natural gas companies, for EnerjiSA began officially April 24, according to the press releases from the companies.

Sabancı Holding had previously been partnered with Verbund, an Austria-based electricity company. At the end of 2012, Verbund, Sabancı Holding’s then equal partner in EnerjiSA, agreed to an asset swap under which it would transfer its EnerjiSA stake to Germany-based E.ON. In return, Verbund would acquire stakes in hydroelectric power stations in Germany. Industry sources say Verbund and Sabancı Holding decided to part ways peacefully. The main reason behind the break up was that Sabancı Holding was fairly ambitious to make more energy investments but Verbund tended to grow slower, sources say.

The asset swap between Verbund and E.ON for a 50 percent share of EnerjiSA has now been finalized. Sabancı Holding and E.ON are now partners in EnerjiSA as joint shareholders. The new term targets of EnerjiSA were also defined. EnerjiSA aims to have a 7,500 MW installed capacity and to serve over 6 million distribution customers by 2020. EnerjiSA currently serves more than 3.6 million customers in the Başkent electricity distribution region. When the take-over process of Ayedaş and Toroslar Electricity distribution regions are completed, EnerjiSA will be serving more than 9 million customers.