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Forward Looking Evaluations
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In accordance with Article 10 titled "Disclosure of Forward Looking Evaluations" of the Capital Markets Board's Communique II-15.1 on Material Events, it has been decided at the Board of Directors meeting held on 19.03.2024 to approve the following current expectations within the framework of our Company's ongoing investment program and to disclose these matters to the public.

Outlined below are the growth projections for the upcoming years under our new investment initiative, comprising hybrid solar power plants (SPP), extension of wind power plant (WPP) capacity, and electricity generation facilities with storage. The projected contribution to our company's EBITDA amounts to a total of 65 million USD, and we plan to execute this program in two phases:

In the first phase, our investments in hybrid SPP and WPP capacity extension will be realized. These investments, which started in 2024 and are planned to be completed by June 2025 without any additional borrowing, are expected to provide the following additional app. contribution to our company when operational for the full year:

- Total investment expectations: ~150-165 million USD
- Installed Capacity Contribution (MW): ~190-200 MW
- Generation Contribution (MWh): ~400,000 – 425,000 MWh
- EBITDA Contribution: ~26 million USD*

* While the hybrid SPP will benefit from the ramaining Renewable Energy Resources Support Mechanism (YEKDEM) of the facility on which the hybrid SPP will be installed, the WPP capacity extensions will sell their generation at market prices.


In the second phase, we will initiate our investments in electricity generation facilities with storage, starting with SPP generation with storage throughout Turkey. These investments are planned to be financed with 35% equity and 65% project loans, and the completion of our electricity generation facilities with storage investments is targeted by the end of 2027. It is envisaged that our electricity generation facilities with storage will contribute to our Company approximately as follows when operating throughout the full year and the investments are progressing as planned:

- Total investment expectations: ~400-440 million USD
- Installed Capacity Contribution (MW): ~295-325 MW
- Generation Contribution (MWh): ~950,000 – 1,080,000 MWh
- EBITDA Contribution: ~39 million USD*

* The generation of electricity generation facilities with storage will be sold under the Renewable Energy Sources Support Mechanism (YEKDEM) for the first 10 years of their operation.


In conclusion, when our outlined two-phase investment program is completed by the end of 2027, the outlined investment program is aimed to provide the following additional contributions:

(i) Approximately 485 - 525 MW to our installed capacity,
(ii) Approximately 1,350,000 - 1,505,000 MWh to our generation, and
(iii) Approximately 65 million USD to our EBITDA.

The summary presentation regarding our aforementioned statements is available as an attachment to this disclosure.

The expectations outlined in our forward-looking expectations are based on the assumption that current normal business conditions in the markets will continue. Various changes that may occur in these assumptions could lead to significant differences from the forecasted results. In the event of a significant change in the expectations we have disclosed to the public, our updated expectations, along with their reasons, will be announced to the public.

We hereby present this information to the public.


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.