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Evet (Yes)
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12.02.2024
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In relation to the hybrid solar power plant (SPP) projects at the investment stage, our company, Akfen Renewable Energy Inc. ("Akfen Renewable Energy" or "the Company"), presents information on the latest developments, with updates on the processes outlined in our Public Disclosure Platform (KAP) announcement dated 12.02.2024.
As of February 15, 2024, a Turnkey Engineering, Procurement, and Construction (EPC) contract ("Contract") for a 40 MW hybrid SPP investment between our company's 100% subsidiary, Derbent Enerji Üretim Pazarlama İthalat ve İhracat A.Ş. ("Derbent"), and the contractor Asunim Yenilenebilir Enerji A.Ş. has been signed.
Regarding the investment in the Üçpınar Hybrid SPP by Derbent, with an installed capacity of 40 MW situated in Çanakkale province, 13.02.2024 the Ministry of Industry and Technology of the Republic of Turkey granted a three-year investment incentive through document number 564789. This incentive includes VAT, customs and stamp duty exemptions.
As part of our company's growth strategy, Contract has been signed for this Hybrid SPP project currently in the investment stage, and the construction process has commenced. Our new hybrid SPPs will be able to benefit from the Renewable Energy Resources Support Mechanism (YEKDEM) throughout the remaining duration of the facility on which they are installed, enjoying the fixed price guarantee based on the US Dollar.
Thus, our Hybrid SPP investments, which will increase our current installed capacity of 699 MW to a total of 765 MW, including the total 26 MW hybrid SPP projects, for which the construction process has started, as announced in our disclosure to the Public Disclosure Platform (KAP) dated 12.02.2024, are expected to positively contribute to our future cash flows in line with our Company's predictable cash flow-based risk management policy. It is anticipated that these investments, planned to be completed in 2024, will contribute to our Company's turnover and operating profit in 2025.
As announced in our Public Disclosure Platform (KAP) statement dated 12.02.2024, the tender and investment process preparations for our other hybrid solar power plant and wind power plant capacity increase projects, aimed at raising our total installed capacity to 860 MW, are currently ongoing. First of all, in the coming weeks, we aim to complete the tender processes of our other Hybrid SPP projects. Significant developments throughout this process will be communicated to our investors.
This statement has been translated into English for informational purposes. In the event of any discrepancy between the Turkish and English versions of this disclosure statement, the Turkish version shall prevail.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.