November 14, 2019 / 10:38 AM / a month ago

RWE could sell stake in Turkish gas-fired power plant

FILE PHOTO: The logo of RWE, one of Europe's biggest electricity and gas companies is seen at block F/G of RWE's new coal power plant in Neurath, north-west of Cologne, Germany in this picture taken March 3, 2016. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - RWE (RWEG.DE), Germany’s No.1 electricity provider, could decide to sell its 70% stake it holds in the 775 megawatt gas-fired power plants in the Turkish city of Denizli if there are buyers, its chief financial officer said.

“You can imagine that we are not having a great time with it at the moment,” Markus Krebber told journalists after releasing nine-month results, but added that the group was not actively pursuing a sale at the moment.

RWE owns 70% in RWE & Turcas Guney Elektrik Uretim A.S., a joint venture with Turcas Petrol (TRCAS.IS) that owns the plant. Turcas owns the remaining 30%.

Reporting by Christoph Steitz and Vera Eckert, editing by Riham Alkousaa

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