SOCAR closes deal to acquire Gama Enerji power plant in Turkey for $225 mln

BAKU. Feb 17 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) has closed its deal with Gama Enerji A.S. to buy a combined-cycle power plant located in central Anatolia, SOCAR Turkiye Enerji said in a statement.

"With a production capacity of 870 MW, the plant has been functioning under SOCAR Turkiye since February 2. This marks the completion of the power plant's purchase and sale process," it said.

The power plant is one of Turkey's strategic energy centers and plays a vital role in the security of electricity supply. "Through this acquisition, the company strengthens its existing energy supply and trading activities while completing the gas-to-power value chain from natural gas to electricity. By supporting electricity trading with its own production capacity, the company significantly enhances portfolio flexibility," the company said.

The agreement, signed in December 2025, states that SOCAR will acquire a 100% stake in the power plant, which has installed capacity of 870 MW, for $225 million.

For Gama Enerji, whose portfolio also includes hydro and wind power plants, a potential sale would mean exiting gas-fired generation - a sector with limited profitability due to regulated tariffs.

SOCAR Turkiye Enerji is the owner of a controlling stake (51%) in Petkim Petrokimya Holding. The company also built the STAR oil refinery, a container terminal and a power plant in Turkey, and supplies gas to the domestic market and petroleum products to aircraft refueling points at airports in several major Turkish cities.