AES dumps its stake in Turkish joint venture, continuing its exit from overseas operations

Associated Press

AES is selling its stake in a Turkish joint venture for $125 million as the Virginia utility continues its retreat from overseas markets.

CEO Andres Gluski said that the sale is part of the company's strategy to streamline its portfolio and exit markets where it doesn't hold a competitive advantage. AES will have exited nine countries in the last three years with proceeds of $2.4 billion from asset sales, including the sale of AES Entek Elektrik Üretimi AS, announced Monday.

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AES Corp., based in Arlington, sold its 49.62 percent interest in AES Entek to its partners in the joint venture, Koc Holding AS and Aygaz AS, both based in Turkey.

The deal is expected to close early next year.