GE seeks sale of Turkey JV stake

US wind turbine manufacturer GE started a regulatory approval process to sell its stake in Turkey-based GAMA Enerji.

GAMA Enerji is a joint venture with Turkish group GAMA that has developed several wind farms in the country.

After a seven-year partnership, GE’s energy investments subsidiary GE Energy Financial Services confirmed it has applied to the Competition Board to seek approval for the transfer of its 50% stake to GAMA Holding.

GE decided to exit some of its joint energy investments, however the company “would continue pursuing new opportunities in cooperation with GAMA Holding,” according to a statement.

GE Energy Financial Services had bought half of Ankara-based Gama Enerji in 2007.

“GE continues investing in Turkey and GAMA Holding will remain a significant business partner of GE Türkiye, both in Turkey and the region,” said the US company.