Turkish OYAK gets full control over ISKEN

Turkish mining and Metallurgical group OYAK has taken a strategic step in the energy sector. OYAK has completed the acquisition of a 51 percent stake in the German company Steag Power GmbH, according to a report in the Turkish daily Dunya. This gives OYAK full control over ISKEN Energy, which accounts for approximately three percent of Turkey's total electricity production.

Murat Yalcintash, CEO of OYAK, called the move "a strategic investment for Turkey's energy security."

Through this acquisition, OYAK acquired full ownership of the ISKEN-Sugözü power plant, one of the Turkish power plants. The largest thermal power plants. The shares transferred to Steag Power give OYAK full control over the plant, as well as its port and handling operations.

ISKEN Energy, located in Adana with an installed capacity of 1,360 MW, generates 9 billion kWh of electricity annually, as previously reportedSteelOrbis. The facility also includes a 27 MW solar power plant.