EBRD, IFC to Buy Stakes in Akfen Renewable Unit for $200 Million

European Bank for Reconstruction and Development and International Finance Corp. are investing $200 million to acquire a combined stake of 33.4 percent in a Turkish wind and solar power company.

The two development banks will have equal stakes in Akfen Yenilenebilir Enerji AS and make equal investments, according to a public filing by Afken. The renewable energy producer is owned by Ankara-based builder Akfen Holding AS. The parties have applied to the antitrust board for clearance on the acquisition.

Akfen Holding, which will own the remaining 66.6 percent in the unit, will use the proceeds from the stake sale to finance new projects and complete existing ones, according to the filing.

The acquisition replaced an EBRD plan announced in December for the London-based investor to buy a 20 percent-stake from the Akfen unit for $100 million, the filing said.

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