On August 26, 2015, the Council of Ministers authorized
EUAS(Elektrik Üretim Anonim Şirketi,
EÜAŞ), the Turkish state-owned electricity
generation company, to establish an overseas entity
("EUAS HoldCo") to invest in electricity
generation and trade and waste management abroad.
EUAS HoldCo will be headquartered in Jersey, Channel Islands, with
initial capital of USD 50 million, which can be increased under
EUAS's investment and financing programs. EUAS HoldCo is
authorized to retain its dividends abroad, incorporate special
purpose vehicles, and invest in companies abroad, subject to
approval by EUAS's board and the Ministry of Energy and Natural
EUAS HoldCo's directors will include one representative from
(i) the Undersecretariat of the Treasury, (ii) the Ministry of
Development, and (iii) the Ministry of Energy and Natural
Despite Turkey's substantial privatization policy of the
last decade, which led to the sale of the majority of EUAS's
portfolio, EUAS is still the leading electricity generation company
in the Turkish market, with a total installed capacity of
approximately 13,000 MW providing 28.1% of the electricity in the
Turkish market at the end of 2014. According to its own 2014 Sector
Report, EUAS ranks eighth among the national electricity generation
companies in the EU.
Following the lead of companies like RWE, GDF Suez, E.ON and
Verbund, EUAS looks to enter the international electricity market,
and expand its portfolio. This strategy includes building power
plants abroad and participating in the privatization of power
plants and distribution utilities. EUAS HoldCo could play a pivotal
role in achieving Turkey's ambitions as a geographically
strategic energy hub by investing in neighboring countries.
Please contact us if you have questions about how these changes
might affect your company.
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