AES selling its interest in Turkish joint venture for $125 million
Arlington-based AES Corp. has agreed to sell for $125 million its interest in a Turkish joint venture to its partners.
AES held 49.62 percent equity interest in AES Entek Elektrik Üretimi A.Ş. (AES Entek), a joint venture with partners KOÇ HOLDİNG A.Ş. and AYGAZ A.Ş.
The sale represents 100 percent of AES’ interest in assets in Turkey.
“With the sale of our Turkish assets, we will have exited nine countries and received proceeds of $2.4 billion from asset sales over the past three years,” Andrés Gluski, AES’ president and CEO said in a statement. “In line with our strategy, we have focused on simplifying our portfolio and exiting those markets where we do not have a sustainable competitive advantage.”
AES is a Fortune 200 global power company providing energy to 20 countries.
The company has 17,800 employees and its 2013 revenues were $16 billion.