With the structuring in the renewable energy portfolio HEPP, WPP, SPP groups and Electricity Wholesale were consolidated under “Akfen Renewable Energy“.
In Akfen Renewable Energy Group’s portfolio there are currently 13 HEPPs with a total installed capacity of 228 MW, of which 213 MW is operational, 15.3 MW is under construction. Additionally, there are WPP projects that are under assessment / in pre-license application stage that have a total installed capacity of 560 MW and SPP projects (licensed and unlicensed) with a total of 101,3 MW installed capacity, of which 31,7 MW is operational. Also, construction preparations have started for the 242 MW WPP projects, which have been acquired in June 2017.
All the projects in Akfen Renewable HEPP portfolio enjoy purchase guarantee at US$73 MWh for the first 10 years of their operations within the scope of 5346 Renewable Law. Within this purchase guarantee mechanism, WPP portfolio enjoys a guarantee of US$73, GPP portfolio US$105 and SPP portfolio US$133. Pursuant to the same law, in case domestically produced equipment is used at the generation facilities, there are also various additions to the guarantee price.
According to the Board Decision numbered 2015/16 and dated 13.07.2015, it was decided to purchase shares of the companies that are investing in solar and thermal energy in order to expand the energy portfolio. In this context, in order to restructure and to achieve a more efficient structure of our subsidiary Akfen Termik Enerji Yatirimlari A.S., it was decided to initiate partial division transaction and to complete necessary transactions for whole transfer of Adana Ipekyolu Enerji Uretim A.S., a subsidiary of Akfen Termik, to a new company by the way of partial division until 31.12.2015. I was also decided that our Company would acquire 40% Adana Ipekyolu owned by our board member Selim Akın and 29.75% of Akfen Termik owned by our Chairman of the Board Hamdi Akın.
Within this context it was also decided that 100% of Karine Enerji Üretim ve Sanayi A.Ş., that holds companies related with solar energy generation, owned by Selim Akın, would be acquired by our Company. The above mentioned share transfer transaction in Adana İpekyolu was completed as of 30 October 2015.
On 22 June 2016, Akfen Holding signed a Shareholders Agreement with EBRD and IFC for an up to 16.67% stake each, in Akfen Renewable Energy that was structured through the consolidation of of subsidiaries operating in the renewable energy area, Akfenhes Yatırımları ve Enerji Üretim A.Ş. (Akfen HEPP), Akfenres Rüzgar Enerjisi Yatırımları A.Ş. (Akfen WPP), Akfen Elektrik Enerjisi Toptan Satış A.Ş. (Akfen Wholesale) and following its transfer to our Company Karine Enerji Üretim Sanayi ve Ticaret A.Ş. (Karine SPP) under one roof, for a consideration of US$100 million each, respectively.
The conditions of the closing were met and at the initial stage, the paid in capital of Akfen Renewable Energy was raised from TL634,500,000 to TL705,000,000, EBRD&IFC have participated in Akfen Renewable Energy with a 5% stake each, paying US$44,444,444. The rise in the paid-in capital was registered on 12 July 2016. As of March 2018, the stakes of EBRD and IFC have risen to 13.297%, whereas Akfen Holding’s stake declined to 73.405%.