Financial terms of the deal were not disclosed. The companies hope that the transaction will be approved in January 2008, subject to regulatory authorisations in Turkey and Ireland.
Gama Enerji, which is a subsidiary of Gama Holding, has stakes in hydropower and other energy projects in Turkey. It owns a stake in the 672MW Birecik project in Turkey, and is working on 13 hydropower schemes in the country with total installed capacity of 365MW.
The firm is developing a total of 855MW of renewable capacity in Turkey as well as thermal projects, and has been awarded the DISI Water Conveyance project in Jordan.
GE Energy Financial Services began its equity involvement with Gama Enerji last year when the firm bought a stake in a power plant in Ireland.