The agreement covers a 15-year period under the ESCO (Build-Transfer-Operate) model. The projects are planned to have a total installed capacity of 357.9 MWp DC and a total AC installed capacity of 260 MWac. The total annual generation is expected to reach approximately 707 GWh, with around 370.93 GWh to be generated from the İSDEMİR project and 336.07 GWh from the ERDEMİR project.
The total investment cost of the projects is set at USD 205 million (excluding VAT), corresponding to approximately TRY 9.15 billion at the current exchange rate. The company is expected to generate approximately USD 55 million in annual revenue from these projects.
The engineering, procurement, and construction (EPC) processes are planned to be carried out by Girişim Elektrik, while the electrical equipment to be used in the projects will be manufactured by its group companies Europower Enerji, Europower World, Euromek Elektrik, and Peak PV Solar. On the financing side, cooperation will be established with a Chinese EPF institution and SINOSURE.
The company announced that developments regarding the matter will be disclosed to the public and investors in accordance with capital markets legislation.
Public Disclosure (KAP) Statement:
“Our Company has reached an agreement with OYEN (Oyak Renewable Energy Inc.) regarding solar power plant projects planned to be implemented in the Southeastern Anatolia Region for ERDEMİR and İSDEMİR, leading companies in the iron and steel industry affiliated with OYAK.
The agreement covers a 15-year period within the framework of the ESCO (Build-Transfer-Operate) model.
The total installed capacity of the projects is 357.9 MWp DC, of which 186.5 MWp belongs to the İSDEMİR project and 171.4 MWp to the ERDEMİR project. The total AC installed capacity is planned at 260 MWac. The total annual electricity generation of the plants is expected to be approximately 707 GWh, with around 370.93 GWh generated from the plant to be established under the İSDEMİR project and 336.07 GWh from the plant under the ERDEMİR project.
The total investment amount for the projects under the agreement has been determined as USD 205,000,000 excluding VAT. Based on the current USD/TRY exchange rate, this corresponds to approximately TRY 9,157,883,000. Our Company is expected to generate approximately USD 55,000,000 in annual revenue from these projects.
It is planned that a special purpose vehicle (SPV) to be established for this purpose will act as the contractor of the projects, and the engineering, procurement, and construction (EPC) works will be undertaken by our Company.
Within the scope of these projects, the manufacturing capabilities and engineering expertise of the Girişim Elektrik Group will be utilized, and the electrical equipment to be used in the projects will be produced by our group companies Europower Enerji, Europower World, Euromek Elektrik, and Peak PV Solar.
In addition, a cooperation agreement has been signed with a Chinese EPF (Engineering, Procurement and Finance) institution to secure financing through SINOSURE (China Export & Credit Insurance Corporation).
These projects are expected not only to contribute to optimizing the energy costs of ERDEMİR and İSDEMİR, but also to support the increase in renewable energy usage and sustainability goals.
Developments regarding the matter will be disclosed to the public and our investors in accordance with capital markets legislation.”
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