Verbund Canakkale-Mahmudiye Wind Farm

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Enerjisa was planning the development of the 30 MW Canakkale wind farm. The project was designed to comprise 13 turbines of 2.3 MW, producing an annual 85 GWh. Enerjisa was a 50-50 joint venture between Turkish Sabanci Group and Austria's Verbund. The Sabanci family was Sabanci Holding’s major shareholder (60.6%). The remaining shares (39.4%) were traded on the Istanbul Stock Exchange, which included 9.858% shares held by other family members previously registered to ISE. Verbund International GMBH was a wholly-owned subsidiary of VERBUND AG, and publicly traded on the Vienna Stock Exchange. The Austrian government held 51% of the shares. About 25% of the shares were held by the provincial energy suppliers TIWAG (5%), Wiener Stadtwerke Holding (10%) and EVN (10%). The remaining shares (24%) were free float. The project was commissioned in February 2011. Equipment was supplied by Siemens, including adelivery, installation and commissionings agreement for the turbines, part of the civil works, and a 12 year service and maintenance contract with Siemens. The project company held a 49 year production license for the farm. The Canakkale-Mahmudiye wind farm was the first of four wind farms under development by Enerjisa with a total capacity of 150 MW. Total investment costs was estimated at EUR37 million ($49.2 million). As of October 2011, no further details about the financial structure was available. In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totalling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission.