Akfen Yenilenebilir plans around $600 mln in investments

ISTANBUL

Renewable energy company Akfen Yenilenebilir Energy has announced that it will invest nearly $600 million by 2027 in new projects to boost its installed capacity.

The investment plans include hybrid solar power plants (SPP), extension of wind power plant (WPP) capacity, and electricity generation facilities with storage.

The projected contribution of those projects to the company's EBITDA amounts to a total of $65 million, Akfen said in a filing with Borsa Istanbul, adding that it plans to execute the investment program in two phases.

The first phase consists of investments in hybrid SPP and WPP capacity extension and these investments are planned to be completed by June 2025 without any additional borrowing, according to the statement.

Total investments in the first stage will amount to between $150 million to $165 million with installed capacity contribution of up to 200 MW. EBITDA contribution from those investments will be around $26 million.

“In the second phase, we will initiate our investments in electricity generation facilities with storage, starting with SPP generation with storage throughout Türkiye,” the company said.

These investments are planned to be financed with 35 percent equity and 65 percent project loans.

The completion of the electricity generation facilities with storage investments is targeted by the end of 2027, it added.

Total investments in this phase will be between $400 million to $450 million with installed capacity contribution of 295 MW to 325 MW. The EBITDA contribution from those investments is estimated to be $39 million.