In May 2007, AES expanded into Turkey through the acquisition of a 51% interest in IC ICTAS Energy Group (“IC Energy”), a leading Turkish developer and producer of hydroelectricity. Through this acquisition, AES owns and operates 26 MW of hydroelectric power capacity and has an additional 390 MW under development.
AES also gains an immediate foothold in one of Europe’s fastest growing economies. Over the next ten years, Turkey is expected to be one of the fastest growing markets in the world. The country’s six percent annual growth rate is generating a rising demand for energy: new capacity is urgently needed to meet expected demand for electricity of nearly eight percent a year. Turkey has added about 14,000 MW of capacity over the last eight years; but an additional 3,000 MW of new capacity must be brought on line every year through at least 2015 to meet the country's future electricity needs.
As a leader in the global power sector, AES is committed to aggressively building our investment and development in Turkey to help meet the country’s increasing need for energy as its economy grows. AES’s acquisition will serve as an excellent platform for possible future expansion in Turkey and the adjacent region.
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