SOCAR buys power plant in Türkiye for over $200 million

Azerbaijan’s state oil company, SOCAR, has signed an agreement to purchase the 870 MW Gama Enerji İçanadolu power plant in Türkiye from Turkish company Gama Enerji. 

The signing took place during the II Azerbaijan-Türkiye Investment Forum in Baku on December 23, Caliber.Az reports per local media.

The agreement was signed by SOCAR President Rovshan Najaf and Gama Enerji CEO Hakan Ahmet Özman. Under the terms of the deal, SOCAR will acquire 100% ownership of the power plant, with the transaction valued at $225 million.

The investment not only strengthens SOCAR’s position in electricity production in Türkiye but also deepens strategic energy cooperation between Azerbaijan and Türkiye.

By Khagan Isayev