Enerjisa, a 50-50 energy production and distribution JV between Germany’s largest utility E.ON and one of Turkey’s largest conglomerates Sabanci Holding, will complete its on-going projects in April 2016 and it can go public in the third quarter of 2017 at the earliest, Reuters quoted on October 22 Mehmet Gocmen, head of Sabanci Holding’s energy group, as saying.

Enerjisa was planning to go public for a long time. Sabanci Holding chief executive officer Zafer Kurtul said on March 3 that an initial public offering for Enerjisa would take place after 2016 because of market conditions. Sabanci has postponed the IPO of Enerjisa several times before. On the other hand, unnamed people with the knowledge of the matter told Bloomberg on April 16 that E.ON and Sabanci Holding hired Goldman Sachs to sell a minority stake in Enerjisa.

Enerjisa targets to decrease its debt-to EBITDA ratio to below 4% until IPO from the current 6-7%, Gocmen also said on October 22. Enerjisa has a $10-11bn share in Turkish electricity industry’s total of $64bn worth investments in the last ten years, according to Gocmen.

Enerjisa operates 22 power plants with a total installed capacity of about 2,800MW. Enerjisa also operates three electricity grids, namely Baskent, Toroslar and Ayedas, with 9mn total subscribers covering a population of about 16mn. Enerjisa previously revised down its installed capacity target of 7,500 for 2020 to 5,000.

E.ON acquired Verbund AG’s stake in Enerjisa for $1bn in 2012. Enerjisa acquired Baskent grid, serving to the capital Ankara province, for $1.23bn in 2008 while it acquired Ayedas for Istanbul’s Asian side for $1.3bn and Toroslar for Adana province for $1.73bn in 2013.