AES acquired a 51% stake in IC Energy with the rest staying in the hands of IC Investment Holdings. Financial terms of the deal were not disclosed. The American firm said the purchase furthered its strategy to expand its core business in a few high-growth electricity markets.

IC Energy has 29MW of hydro in operation and another 390MW in development. AES said the market in Turkey was expected to add a total of 3GW of new generation capacity annually through 2015.

In a statement, AES president and CEO, Paul Hanrahan, said the acquisition gave it a foothold in one of Europe’s fastest growing markets. He added that the business was a platform for expansion in Turkey and surrounding countries.