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English
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Evet (Yes)
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Hayır (No)
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16.02.2024/19.03.2024
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Hayır (No)
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In relation to the electricity storage 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 19.03.2024 and 16.02.2024.
Based on our 375 MW stand-alone storage facility rights approved by Energy Market Regulatory Authority ("EMRA") in 2023, pre-license applications for SPP and WPP with an installed capacity of 285 MW have been made and pre-licenses for 1 SPP with storage and 4 WPPs with storage with a total capacity of 235 MWe have been obtained. The processing of the pre-license application for 1 SPP with storage capacity was still ongoing at EMRA.
In this context, the pre-licenses for the Van solar power plant with storage in Van province, comprising Storage (120 MWh) + Generation SPP (50 MW), was received from EMRA today. Thus, the pre-license processes for our storage facilities with generation with a total capacity of 285 MW, for which applications have been made to EMRA, have been completed.
In line with our company's growth strategy, we have initiated the necessary technical and financial studies to realize new investments totaling 285 MW, including 2 SPPs with storage with a capacity of 80 MW and 4 WPPs with storage with a capacity of 205 MW.
As stated in our Public Disclosure Platform (KAP) announcement dated 19.03.2024, in addition to our other hybrid SPP and WPP capacity increase projects currently in the investment stage aimed at increasing our installed capacity to a total of 890 MW, the completion of these new investments, is expected to raise our total installed capacity to approximately 1200 MW.
The new investments mentioned above are expected to contribute positively to our company's cash flows in line with our risk management policy based on predictable cash flows. It is anticipated that these investments, planned to be completed in 2027, will contribute to the company's revenue and operating profit in 2028.
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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