Türkiye Petrol Rafinerileri : Entek Elektrik Acquires the Kınık Wind Power Plant

08 November 2023

Entek Elektrik is continuing its renewable
energy investment by acquiring the Kınık Wind Power Plant.

Set on a fast track in zero-carbon electricity investments, Entek has included a second wind power plant in its portfolio. The acquisition of the Kınık Wind Power Plant has been successfully finalized, in accordance with the Share Purchase Agreement following the approval of the Turkish Competition Authority and the satisfaction of all closing conditions, with Entek holding the majority stake in partnership with Opet shareholders.

Koç Holding Energy Group President Yağız Eyüboğlu stated that the acquisition of the wind turbine in Izmir through the share transfer method is an important step in the Koç Group's growth strategy in the zero-carbon electricity field and added, "Acquired by Tüpraş in 2022, Entek continues to strengthen its portfolio with the vision of being a pioneer in zero-carbon electricity and has taken significant steps in line with this vision with its recent investments. By adding Menzelet and Kılavuzlu Hydroelectric Power Plants, the largest acquisition made by domestic investors in our country in 2018, to our portfolio, we demonstrated our vision and our belief in the growth of renewable energy in our country. And the Süloğlu Wind Power Plant, which was acquired in 2021 as Entek's first investment in the wind energy sector in parallel with its long-term growth strategy, made a significant contribution to the company's production portfolio. The investment in the Kınık Wind Power Plant further solidified Entek's vision for growth in the zero-carbon electricity sector. Continuing to invest in zero-carbon electricity sources in line with the transformation goals outlined in the Strategic Transformation Plan declared by its majority shareholder Tüpraş in late 2021, Entek has taken another significant step toward Koç Group's 2050 Carbon Neutrality goal by acquiring the Kınık Wind Power Plant in İzmir together with Opet.

Entek Elektrik General Manager Bilal Tuğrul Kaya commented as follows: "With the acquisition of the Kınık Wind Power Plant, which has a total installed power of 50 MW, we have added our second wind power plant to our portfolio. This plant in Izmir increased our total installed power to 492 MW and our total installed power in zero-carbon electricity, to 380 MW. We plan to continue our investments while keeping our focus on zero-carbon electricity in the upcoming period and aiming for a balanced production portfolio in terms of resource diversity.

About Entek:
Koç Group's electricity generation company Entek Elektrik began its investment activities in 1995. The first plant to be established was the Natural Gas Cycle Power Plant in Bursa in 1998, followed by the Kocaeli Natural Gas Cycle Power Plant in later years.

When the partnership was established in 2011 with AES Group came to an end in 2014, the partnership's hydroelectric power plants in Samsun and Karaman were included in Entek Elektrik's portfolio.

In 2017, the company took over the Azmak Hydroelectric Power Plants, which have 24 MW of installed power, in Mut, Mersin.

Again in 2017, the company won the largest purchasing tender among local investors and acquired the Menzelet and Kılavuzlu plants in 2018 to further expand its renewable energy portfolio.

In 2021, the company achieved a total installed power of 437 MW by purchasing the Süloğlu Wind Power Plant, which has 60 MW of installed capacity, in Edirne.

In 2022, the company focused on capacity investments and increased the installed power of the Süloğlu Wind Power Plant up to 66 MW, thus boosting the total installed power of Entek to up to 442 MW. The shares of the company, which is a subsidiary of Koç Holding and Aygaz, were transferred to Tüpraş in August 2022. Following the November 2022 Regulation on the Amendment to the Regulation on Storage Activities in the Electricity Market, Entek launched projects on wind and solar power storage plants.

In 2023, Entek purchased the Kınık Wind Power Plant, which has a 50 MW installed power capacity, in Izmir and increased its total installed power to 492 MW and its total zero-carbon electricity installed power to 380 MW.

Entek maintains electricity-generation activities in 11 power plants installed in 7 different cities.

In addition to operating the electricity-generation plants in its portfolio, Entek provides services to companies in and outside of Koç Group. including unlicensed renewable energy plant development, turnkey installation once all permissions have been obtained, and plant operation.

About Opet:
A leader in customer satisfaction in the fuel distribution sector, Opet has been in business for over 30 years with subsidiaries in machine oil and jet fuel sectors as well as in retail, commercial, and industrial sales, storage, and international trade. Opet stations stand out with Ultramarkets, which offer high-quality products and outstanding service to ensure an easy, high-quality, and smooth response to any customer needs. Opet is also the most adept at utilizing technology in the sector. Standing out with a Mobile Payment service that allows customers to pay from the comfort of their vehicles, and the Smart Campaign System that offers tailored campaigns to customers, Opet also generates value for our country through high social impact projects including the Clean Toilet Campaign, Model Village Project, Green Road Project, Respect to History Project, Traffic Detectives, Women's Power, Our Clean Workplace, and the Path to Clean Future Starts in Schools Project.

Ranking in the leading position in customer satisfaction surveys such as Lovemark and KalDer, Opet was also named the Super Brand in its sector by Superbrands. The world's leading independent brand valuation and strategy consultancy Brand Finance included Opet in the 15th place in its 2023 report on Turkey's most valuable and most powerful brands, and named the company the most powerful brand in the Turkish fuel oil distribution sector.

Opet upholds its motto, 'It Makes a Difference If It's Opet,' and continues to be there for its customers with brand-new projects, products, and services.