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Abu Dhabi state-owned renewable energy firm Masdar is reportedly looking to invest in clean energy producer Fiba Yenilenebilir Enerji, a subsidiary of Turkish conglomerate Fiba Group.
The UAE firm is still in talks to acquire a stake in the Turkish company and no deal has been finalised yet, Bloomberg reported on Wednesday, citing unnamed sources.
Fiba Yenilenebilir Enerji operates wind and solar power plants in Turkey. It is owned by Turkish billionaire Hüsnü Özyeğin’s Fiba Group, which has business interests in banking and finance, retail, energy, real estate and tourism.
If the investment deal with Fiba goes through, it will mark Masdar’s entry into Turkey.
The news comes nearly two months after Turkey President Tayyip Erdogan’s visit to Abu Dhabi. During Erdogan’s visit in July, the UAE and Turkey finalised several deals worth a little over $50 billion.
One of the deals outlined UAE’s plans to invest in Turkey’s national energy transition strategy.
(Writing by Cleofe Maceda; editing by Seban Scaria)
