Prague  - Czech energy firm CEZ said Wednesday it agreed to buy a 37.4-per-cent stake in Turkish power producer Akenerji Elektrik Uretim A S from its majority owner, the Akkok Group.

The state-controlled CEZ is to pay 302.6 million dollars to Akkok, its strategic partner in Turkey which holds some 75 per cent in Akenerji.

Akenerji plans to expand its installed output from current 496 megawatts to 3,000 megawatts within five years, an investment amounting to 3 billion dollars, CEZ said in a statement.

CEZ has partnered up with Akkok in sectors ranging from chemical industry to real estate in order to tap into the fast-growing Turkish electricity market.

"The Turkish energy sector requires a lot of investment to meet growing needs of economy that is expanding at a rapid pace," CEZ board chairman Martin Roman said in a statement.

Earlier this year, their consortium won a tender for power distributor Sedas, which annually supplies 8 terrawatt hours to 1.3 million customers in Turkey's Sakarya province. The firms offered 600 million dollars for the company.

"From this moment we will cooperate with our partner, the CEZ Group, in the fields of power production, distribution and trade," Akkok's board chairman Omer Dinckok said in a statement.

CEZ is the Czech Republic's most profitable company with stakes across former Eastern Bloc. (dpa)