With the structuring in the renewable energy portfolio HEPP, WPP, SPP groups and Electricity Wholesale were consolidated under “Akfen Renewable Energy“.
Renewable Energy Investments
In Akfen Renewable Energy Group’s portfolio, there are currently 12 HEPPs with a total installed capacity of 228.7 MW, all of which is operational. Additionally, there are SPP projects (licensed and unlicensed) with a total of 121.4 MW installed capacity, and WPP projects with a total of 348.9 MW installed capacity. Currently, Akfen Renewable Energy has a total installed capacity of 699 MW (projects under assessment are not included), including Demirciler (23.3 MW) and Sarıtepe WPP (57 MW), which were purchased from Zorlu Energy in 2020 and started their operations in 2016. All the projects in Akfen Renewable HEPP portfolio enjoy a purchase guarantee at US$73 MWh for the first 10 years of their operations within the scope of 5346 Renewable Law. Within this purchase guarantee mechanism, the WPP portfolio enjoys a guarantee tariff of US$73, and SPP portfolio US$133. Within the scope of the same law, SPP and WPP projects benefit from the domestic content incentive as these projects utilize locally manufactured equipment. With this domestic content incentive, the WPP portfolio enjoys a tariff of USD 79 (for 269 MW) and USD 87 (for 80 MW) and SPP portfolio enjoys a guarantee price of USD 137.4.
Within the scope of renewable energy investments, Akfen Holding decided to purchase 100% of Selim Akın's companies related to solar energy production within Karine Energy Generation and Industry Inc. and this transaction was completed on 22.02.2016. The merger of AkfenRES and AkfenHES, and the change of AkfenHES's commercial title into Akfen Renewable Energy took place on 19.01.2016. The transfer of Akfen Elektrik Toptan Satış to Akfen Renewable Energy was completed as of 25.01.2016.
EBRD and IFC’s investment in our renewable energy assets
On 22 June 2016, Akfen Holding signed a Shareholders Agreement with EBRD and IFC for an up to 16.67% stake each, in Akfen Renewable Energy, for a consideration of US$100 million each, respectively. Akfen Renewable Energy was structured through the consolidation of subsidiaries operating in the renewable energy area, Akfenhes Yatırımları ve Enerji Üretim A.Ş. (Akfen HEPP), Akfenres Rüzgar Enerjisi Yatırımları A.Ş. (Akfen WPP), Akfen Elektrik Enerjisi Toptan Satış A.Ş. (Akfen Wholesale) and Karine Enerji Üretim Sanayi ve Ticaret A.Ş. (Karine SPP) under one roof.
As a result of Akfen Renewable Energy's capital increase transaction completed on 17.02.2020, its total capital increased to 1.016.031.947,00 TL. In this context, the share of Akfen Holding is 66.91%, the share of EBRD is 17.10% and the share of IFC is 15.99%.
In January 2023, Akfen Holding acquired EBRD and IFC’s stake in Akfen Renewable Energy and became the sole owner of the company.
Akfen Renewable Energy’s IPO (33.5% of Company shares) was finalised in March 2023, shares with the code AKFYE started to trade on Borsa Istanbul as of 16 March 2023.
|Power Plant||Location||Status||Installed Capacity (MW)||In Service Date|
|Otluca HEPP||Mersin||Operational||48.8||7.04.2011 & 13.07.2011 & 16.09.2011|
|Sekiyaka II HEPP||Muğla||Operational||3.5||18.01.2014 & 28.08.2015|
|Çamlıca III HEPP||Kayseri||Operational||28.5||2.04.2011|
|Doğançay HEPP||Sakarya||Operational||31.6||30.08.2014 & 13.09.2014|
|Çalıkobası HEPP||Giresun||Operational||18.1||2.06.2017 & 4.05.2018|
|Yaysun SPP - Unlicensed||Konya||Operational||0.6||19.02.2014|
|Denizli Projects (SPP) - Unlicensed||Denizli||Operational||7.4||25.05.2015|
|Solentegre SPP- Licensed||Elazığ||Operational||9.1||14.10.2016|
|Solentegre SPP- Unlicensed||Elazığ||Operational||0.6||16.02.2016|
|Amasya SPP - Unlicensed||Amasya||Operational||11.2||16.08.2017 & 23.08.2017|
|Karine SPP- Unlicensed||Elazığ||Operational||0.6||26.08.2017|
|Tokat Projects (SPP) - Unlicensed||Tokat||Operational||5.6||19.10.2017|
|Omicron Engil SPP- Licensed||Van||Operational||12.1||20.09.2018|
|Omicron Erciş SPP- Licensed||Van||Operational||12.1||21.09.2018|
|Yaysun SPP- Licensed||Konya||Operational||12.1||27.09.2018|
|ME-SE SPP- Licensed||Konya||Operational||12.1||27.09.2018|
|MT Doğal SPP- Licensed||Konya||Operational||12.1||27.09.2018|
|PSİ SPP- Licensed||Van||Operational||13.0||25.07.2019|
|Üçpınar WPP||Çanakkale||Operational||112.2||10.05.2019 & 18.06.2019|
|Hasanoba WPP - 1. & 2. Phase||Çanakkale||Operational||51||02.08.2019 & 06.09.2019|
|Denizli WPP - 1. & 2. Phase||Denizli||Operational||74.8||13.09.2019 & 10.10.2019|
|Operational (MW)||Under Construction (MW)||Total (MW)|