Mitsubishi Heavy Industries Ltd. said Wednesday it has agreed with a Turkish conglomerate to jointly invest in building a natural gas combined cycle power plant to provide electricity to areas around Istanbul.
Under the agreement, Mitsubishi Heavy will acquire a 50.1 percent stake in a power generation company under the conglomerate, Urundul Group. A Mitsubishi official said the size of the company's investment will be around ¥10 billion.
The 520-megawatt plant will be constructed about 200 km northwest of Istanbul, the largest power-consuming area in the country, by a consortium consisting of Mitsubishi Hitachi Power Systems Ltd., a joint venture between Mitsubishi Heavy and Hitachi Ltd., and its European unit.