Turkey's GAMA Enerji Holding won a tender on Monday to privatize Karacaoren 1 and Karacaoren 2 hydropower plants, located between the city lines of Isparta and Burdur, in the west of the country, at a cost of 515 million Turkish liras ($176 million).
The installed power capacity of the Karacaoren 1 hydropower plant is 32 megawatts generating 142 gigawatt hours of electricity a year. The Karacaoren 2 hydropower plant generates 206 gigawatt hours of electricity a year with an installed electricity capacity of 47 megawatts.
In total, 10 companies applied for the tender. After five elimination rounds, the qualifying companies then proceeded to open bidding.
The auction's minimum limit was set at 100,000 liras and the opening bid started with an offer of 509 million liras. After one hour, GAMA Enerji Holding won the tender with a final offer of 515 million liras.
GAMA Enerji develops and invests in power and water infrastructure projects in Turkey and the surrounding region.
3 Turkish lira is equal to about $1.
Writing by Zeynep Beyza Kilic
Reporting by Mustafa Calkaya & İbrahim Yilmaz