Power Engineering - GE, GAMA Partner on Energy Projects in Turkey, Surrounding Region

10 December 2007- GE Energy Financial Services, a unit of GE, announced today that it would join GAMA Holding AS to invest in energy and water projects in Turkey and the surrounding region, helping to meet rising demand for electricity and water, and grow in emerging markets.

GE Energy Financial Services is acquiring 50 per cent of the equity in GAMA Holding AS' subsidiary GAMA Enerji AS. GAMA Enerji already owns interests in a hydroelectric and a natural gas fired power plant in Turkey totalling 1150 MW and a 400 MW gas fired power plant in Ireland, and is currently developing 855 MW of renewable and 1000 MW of thermal generation projects in Turkey. In addition, GAMA Enerji has been awarded the DISI Water Conveyance Project in Jordan.

"Our partnership with GAMA Enerji establishes another excellent platform for our growth in Turkey and the surrounding region, and builds on GE Energy's longstanding equipment and services relationship with GAMA," James F. Burgoyne, a Managing Director at GE Energy Financial Services, said today at a press conference in Istanbul.

"That growth potential is evident right here in Turkey, where electricity consumption is growing at a compounded rate of six per cent a year, requiring the addition of 4000 MW annually that our partnership with GAMA can help deliver."

Kursat Ozkan, GE Regional Executive for Turkey and Southwest Asia, added: "This latest investment will help meet the infrastructure requirements of the region and better serve our customers through the combined expertise of GE and GAMA."

GAMA Enerji AS Chairman Ergil Ersu stated that Turkey will experience a serious shortage in energy supplies: "We are very excited about this partnership. GAMA's relationship with GE Energy Financial Services began last year with its acquisition of a 40 per cent interest in our Tynagh power plant in Ireland. By welcoming GE Energy Financial Services into GAMA Enerji, we are strengthening our long- standing relationship with GE and ensuring our future as major players in energy, both in Turkey and the region."

GAMA Enerji, a subsidiary of GAMA Holding which has been active in
energy for many years, owns shares in Turkey's first build-operate-transfer projects: the Birecik Dam and 672 MW hydroelectric power plant, and the 478 MW Trakya Elektrik natural gas combined cycle power plant. In addition, GAMA Enerji is working on 13 hydro projects in Turkey representing 365 MW of power and nine wind projects totaling 490 megawatts. GAMA Enerji has applied for licenses for 600 MW of coal fired and 400 MW of gas fired power plants.

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