Aksa Enerji to build gas plant in Kazakhstan

ISTANBUL

Turkish energy company Aksa Enerji has signed a non-binding memorandum of understanding with the Shymkent Governorship in Kazakhstan to establish a natural gas combined cycle power plant.

The installed capacity of the gas power plant will be 500MW, Aksa said in a filing with Borsa İstanbul.

Last month, Aksa Enerji inked a loan agreement for the modernization of the Tashkent and Bukhara natural gas power plants in Uzbekistan, with installed capacity of 230 MW and 270 MW, respectively.

The company sealed the loan agreement with Bayern LB (Bayerische Landesbank) in early March.

“As part of the mentioned project, it is planned to increase the available capacity by a total of 50 MW in both power plants,” Aksa Enerji said.

The project aims to boost the annual EBITDA contribution from Uzbekistan power plants by 10 percent in 2025 compared to the previous year, the statement added.

Aksa Energy is a global independent power producer operating in seven countries with its power plants, according to information on the company’s website.

Aksa Energy, which first entered Africa with power plants in Ghana, Madagascar and Mali, expanded its operations into Asia with an investment in Uzbekistan.

The company has three natural gas combined cycle power plants in Uzbekistan.

Net sales of Aksa Enerji declined by 38 percent year-on-year in the first nine months of 2023 from a year ago to 20.9 billion Turkish Liras. Net income fell by 8 percent to 3.6 billion liras.

The nine-month EBIDTA was 4.8 billion liras, down 9 percent from the same period of 2022.

Foreign operations’ share in net sales was 24 percent or 1.76 billion liras in the third quarter of last year.