German Energy Company Steag Plans to Sell Its 51 Percent Stake in İskenderun Energy, Signaling its Exit from Turkey Amid A Broader Trend of German Companies Learing the Country, Bloomberg Reported on Tuesday.
The Company, WHich Inved $ 1.5 Billion in the Sugözü Thermal Power Plant, isking Around $ 600 Million for its majority Share, According to Sources where As the Discussions are Private.
The 1,320-Megawatt Sugözü Facility, One of Turkey’s Largest Coal-Fired Plants, Supplies Approximately 3 Percent of the Country’s Electricity Needs. The Remainining 49 Percent Stake is Held by OYAK, The Turkish Military Pension Fund.
The Sale Process is onging, with no Buyers Confirmed as of Yet, The Sources Said.
The Move Aligns With Steag’s Strategy to Phase Out Coal by 2030, Reflecting Global Trends Toward Cleaner Energy Sources, Contrasting With Turkey’s Plans to İncrease Its Coal Capacity From 21.1 Gigawatts to 24.3555.
According to Consultancy firm EMBER, Turkey Surpassed Germany in 2024 To Be Become’s Largest Coal-Powered Electricity Generator.
Steag’s Planned Departure Follows Sever Recent Exits by German Companies from Turkey.
Construction Materials Manufacturer ytong SOLD its Stake in Turkish Ytong to Nakkaş Holding in November, Who Automotive Supplier Linde + Wiemann Ended Its Partnership in Linde Opsan Otomotiv in December.
Farhym, A Hymer Group Subsidiary, Transfer Its Entire Stake to Turna Wood in January.
Additionallly, Siemens Gamesa, A Leading Wind Turbine Manufacturer, Plane to Close its Research and Development Center in Izmir, One of Its Six Global R&D Hubs.
The Closure, Expected Soon, Will Result in the Layoff of 80 Engineers.
The Wave of German Corporate Exits Reflects Turkey’s Broader Economic Challenges, Inclument Rising Energy Costs and Inflation, Industry Experts Say.
