The share purchase agreement for the shares of Zorlu Rüzgar was signed between Zorlu Energy and Akfen Yenilenebilir, whose shareholders are Akfen Holding, IFC, and EBRD.
Zorlu Rüzgar was a subsidiary of Zorlu Energy, part of Zorlu Holding, which is one of the largest corporate groups in Turkey. Zorlu Rüzgar operates the Sarıtepe and Demirciler wind power plants in Osmaniye in southeastern Turkey and boasts a total installed capacity of 80 MW.
The acquisition moves Akfen Yenilenebilir, one of the biggest renewable energy companies in Turkey, closer to its target of reaching a total installed capacity of 712 MW. The deal represents a source of new capital for Zorlu Enerji and will be used to drive its growth strategy by funding fresh investments.
Commenting on the completed transaction, Ebru Dildar Edin, executive vice president of Garanti BBVA and vice chairman of Garanti BBVA Securities said, “With its talent and unparalleled expertise in the energy sector, Garanti BBVA Securities will continue to strengthen its leadership position in the financial and advisory services for energy companies and projects.”
Utku Ergüder, chief executive officer of Garanti BBVA Securities, reiterated the organization’s objective of becoming the market leader in mergers and acquisitions. “The Garanti BBVA brand, invigorated by the bank’s new structure, has seen increased market recognition. This, complemented by our solid expertise, will position us to take the lead in the market.”