Zorlu Enerji sells stakes in companies in Israel

ISTANBUL

Turkish energy company Zorlu Enerji has signed agreements to sell its stakes in three companies operating in Israel.

They are selling the stakes within the framework of Zorlu Group's investment policies and strategies, with the aim of focusing on renewable energy projects in the medium term, Zorlu Enerji said in a filing with Borsa İstanbul.

Accordingly, Zorlu is selling its entire 42.15 percent shares in Ezotech Electric to Edeltech Ltd. for $5.4 million.

“Within the scope of this sale, our financial receivable, amounting to $28.9 million, will be collected from Ezotech,” Zorlu said.

It is also selling its entire 42.15 stake in Solad Energy to Edeltech, and it will collect its receivables amounting to $4.3 million from Edeltech.

Zorlu will divest a 42.15 percent stake in Adnit Real Estate to Edeltech Holdings.

“Within this scope, provided that the contractual conditions are met and legal permissions are obtained, share purchase agreements for the sale of Ezotech, Solad, and Adnit companies were signed,” Zorlu said in the filing with the Turkish stock exchange.

In line with the company’s strategy to invest in renewable energy, for some time they have been continuing their efforts to remove gas operations from their portfolio in a way that will not affect investors, said Sinan Ak, CEO of Zorlu Enerji.

“Immediately after the sale of our gas supply and distribution operations in Türkiye, we completed the signing of agreements for the sale and share transfer in Ezotech, Solad and Adnit in Israel,” he added.