SOCAR to acquire Turkish power plant for $225 million

The State Oil Company of Azerbaijan (SOCAR) is set to acquire the Gama Enerji İç Anadolu power plant in Türkiye for $225 million, Prime Minister Ali Asadov announced.

Speaking at the 12th meeting of the Azerbaijan-Türkiye Joint Intergovernmental Commission, Asadov said the 870 MW plant will be fully owned by SOCAR following the deal, Caliber.Az reports via local media.

He added that the purchase agreement is scheduled to be signed on December 23 during the second Azerbaijan-Türkiye Investment Forum.

SOCAR is Azerbaijan’s national energy firm with extensive operations in oil, gas, petrochemicals and electricity markets. Through its subsidiary SOCAR Türkiye, it has become one of the largest foreign investors in Türkiye’s energy sector, with major assets including the STAR oil refinery, Petkim petrochemical complex and a broad portfolio spanning refining, natural gas, trading and power businesses.

SOCAR’s regional strategy focuses on integrating upstream production with downstream and power generation activities to capture value across the energy chain. 

GAMA Enerji A.Ş. is a Turkish energy company active in power generation, trading and infrastructure. Its portfolio includes hydroelectric and renewable plants, but its flagship asset is the İç Anadolu Combined Cycle Gas Turbine (CCGT) power plant in Kırıkkale, which began commercial operation in 2016 and has an installed capacity of about 870 MW.

The plant supplies significant electricity to the national grid and reflects GAMA’s experience in large‑scale gas‑fired generation.

By Aghakazim Guliyev