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With the structuring in the renewable energy portfolio HEPP, WPP, SPP groups and Electricity Wholesale were consolidated under “Akfen Renewable Energy“.

Renewable Energy Investments

In Akfen Renewable Energy Group’s portfolio, there are currently 12 HEPPs with a total installed capacity of 228.7 MW, all of which is operational. Additionally, there are SPP projects (licensed and unlicensed) with a total of 121.4 MW installed capacity, and WPP projects with a total of 348.9 MW installed capacity. Currently, Akfen Renewable Energy has a total installed capacity of 699 MW (projects under assessment are not included), including Demirciler (23.3 MW) and Sarıtepe WPP (57 MW), which were purchased from Zorlu Energy in 2020 and started their operations in 2016. All the projects in Akfen Renewable HEPP portfolio enjoy a 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, the WPP portfolio enjoys a guarantee tariff of US$73, and SPP portfolio US$133. Within the scope of the same law, SPP and WPP projects benefit from the domestic content incentive as these projects utilize locally manufactured equipment. With this domestic content incentive, the WPP portfolio enjoys a tariff of USD 79 (for 269 MW) and USD 87 (for 80 MW) and SPP portfolio enjoys a guarantee price of USD 137.4.


Within the scope of renewable energy investments, Akfen Holding decided to purchase 100% of Selim Akın’s companies related to solar energy production within Karine Energy Generation and Industry Inc. and this transaction was completed on 22.02.2016. The merger of AkfenRES and AkfenHES, and the change of AkfenHES’s commercial title into Akfen Renewable Energy took place on 19.01.2016. The transfer of Akfen Elektrik Toptan Satış to Akfen Renewable Energy was completed as of 25.01.2016.

EBRD and IFC’s investment in our renewable energy assets

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, for a consideration of US$100 million each, respectively. Akfen Renewable Energy was structured through the consolidation 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 Karine Enerji Üretim Sanayi ve Ticaret A.Ş. (Karine SPP) under one roof.

As a result of Akfen Renewable Energy’s capital increase transaction completed on 17.02.2020, its total capital increased to,00 TL. In this context, the share of Akfen Holding is 66.91%, the share of EBRD is 17.10% and the share of IFC is 15.99%.

In January 2023, Akfen Holding acquired EBRD and IFC’s stake in Akfen Renewable Energy and became the sole owner of the company.

Akfen Renewable Energy’s IPO (33.5% of Company shares) was finalised in March 2023, shares with the code AKFYE started to trade on Borsa Istanbul as of 16 March 2023.


Power Plant Location Status Installed Capacity (MW) In Service Date
Otluca HEPP Mersin Operational 48.8 7.04.2011 & 13.07.2011 & 16.09.2011
Sırma HEPP Aydın Operational 6.7 24.05.2009
Sekiyaka II HEPP Muğla Operational 3.5 18.01.2014 & 28.08.2015
Çamlıca III HEPP Kayseri Operational 28.5 2.04.2011
Saraçbendi HEPP Sivas Operational 26.3 7.05.2011
Demirciler HEPP Denizli Operational 8.7 4.08.2012
Kavakcalı HEPP Muğla Operational 11.4 30.03.2013
Gelinkaya HEPP Erzurum Operational 7.1 15.06.2013
Yağmur HEPP Trabzon Operational 9.2 28.11.2012
Doğançay HEPP Sakarya Operational 31.6 30.08.2014 & 13.09.2014
Doruk HEPP Giresun Operational 28.9 20.09.2014
Çalıkobası HEPP Giresun Operational 18.1 2.06.2017 & 4.05.2018
Yaysun SPP – Unlicensed Konya Operational 0.6 19.02.2014
Denizli Projects (SPP) – Unlicensed Denizli Operational 7.4 25.05.2015
Solentegre SPP- Licensed Elazığ Operational 9.1 14.10.2016
Solentegre SPP- Unlicensed Elazığ Operational 0.6 16.02.2016
Amasya SPP – Unlicensed Amasya Operational 11.2 16.08.2017 & 23.08.2017
Karine SPP- Unlicensed Elazığ Operational 0.6 26.08.2017
Tokat Projects (SPP) – Unlicensed Tokat Operational 5.6 19.10.2017
Omicron Engil SPP- Licensed Van Operational 12.1 20.09.2018
Omicron Erciş SPP- Licensed Van Operational 12.1 21.09.2018
Yaysun SPP- Licensed Konya Operational 12.1 27.09.2018
ME-SE SPP- Licensed Konya Operational 12.1 27.09.2018
MT Doğal SPP- Licensed Konya Operational 12.1 27.09.2018
PSİ SPP- Licensed Van Operational 13.0 25.07.2019
IOTA SPP-Licensed Malatya Operational 13.0 13.08.2020
Kocalar  WPP Çanakkale Operational 30.6 14.03.2019
Üçpınar WPP Çanakkale Operational 112.2 10.05.2019 & 18.06.2019
Hasanoba WPP – 1. & 2. Phase Çanakkale Operational 51 02.08.2019 & 06.09.2019
Denizli WPP – 1. & 2. Phase Denizli Operational 74.8 13.09.2019 & 10.10.2019
Sarıtepe WPP Osmaniye Operational 57.0  25.08.2016
Demirciler WPP Osmaniye Operational 23.3  26.08.2016




Operational (MW) Under Construction (MW) Total (MW)
 HEPP  228.7  –  228.7
 SPP  121.4  –  121.4
 WPP  348.9  –  348.9
 Total  699.0  –  699.0

İlkbahar Mah. Galip Erdem Cad. No:3 06550 Çankaya-Ankara