GE, Borusan EnBW Enerji, Fina Enerji and Özgül Holding Sign MoU for YEKA in Turkey

  • Within the scope of the YEKA (Renewable Energy Source Area) project to be announced by the Turkish Ministry of Energy, General Electric (GE), Borusan EnBW Enerji, Fina Enerji and Özgül Holding signed a memorandum of understanding (MOU).
  • The agreement entails financing and execution of wind YEKA project.

ISTANBUL - 08 March 2017 – General Electric (GE), Borusan EnBW Enerji, Fina Enerji and Özgül Holding signed Memorandum of Understanding to collaborate on the installation, operation and financing of a joint wind farm as part of the YEKA, the largest wind project in renewable energy in Turkey. Contributing to the renewable energy portfolio of Turkey, the wind YEKA project will see preliminary preparations on financing and project by the companies.

Agah Uğur, Borusan EnbW Enerji’s Chairman of the Board, Murat Özyeğin, Fina Enerji's Chairman of the Board, Ömer Faruk Özgül, Özgül Holding's Chairman of the Board and John Rice, CEO of GE Global Growth Organization, Cliff Harris, General Manager, GE EMEA Onshore Wind Energy, Canan M. Özsoy, CEO & President of GE Turkey were present at the signing ceremony of the MoU agreement. As per the agreement, companies will work together with the aim of supplying and operating wind sites, equipment, service, local manufacturing, finance and R&D.

Ruhan Temeltaş, General Manager, GE MENAT Onshore Wind Energy said, “The YEKA Project, which will diversify Turkey's energy portfolio, is thus critical for Turkey to achieve its goals in renewable energy industry. At GE, we have been maintaining investments and collaborations in Turkey with 2,000 employees for the past seven decades, and together with all our teams, we are ready to tap into our knowledge and expertise of wind energy to contribute to our country's development and achievement of targets. We are supporting our country's energy targets through this agreement with our valuable partners."

Agah Uğur, Chairman of the Board of Borusan EnBW Enerji said, “The reduction of current account deficit and dependency on energy imports are the main axes of Turkey’s energy policy. In this sense, we continue our investments without slowing down with the vision of being a leading energy generation company in the field of wind energy, which is a domestic and renewable energy source and make a great contribution to reach the targets of Turkey’s energy policy. We think that YEKA will become an important development platform for large-scale projects through sectoral collaborations. Strategically, we believe that we will create a synergy in this area by combining our company’s renewable energy experience and knowledge with the competencies of our partners."

Murat Özyeğin, Chairman of the Board, Fina Enerji Holding A.Ş. said, “As Fina Enerji Holding, we have managed to become one of the leading investors in the renewable energy sector in Turkey. We believe that our experience and Fiba Group’s support behind us will play an important role in this strong partnership and make a significant contribution to the YEKA process, one of the most important pillars of our country's domestic energy policies. The YEKA project will enable efficient fields to be put into use in a relatively short time and provide us a unique opportunity to reach our targets in renewable energy.”

Ömer Faruk Özgül, Chairman, Özgül Holding said "Wind energy plant is different from other renewable energy plants; It is an investment that needs to be evaluated on a coordinate basis (turbine coordinates), not on a project site basis. Since the wind power plant will be evaluated on a unit cost basis, the more the installed power is increased, the lower the fixed costs will be. For this reason, the greater the allocation of connection capacity for the YEKA project, the investment can be more feasible. In this framework, I believe our cooperation will contribute to Turkey's renewable energy targets."

The cooperation established by GE, Borusan EnBW Enerji, Fina Energy and Özgül Holding offers a structure where each party complements one another in terms of the site, equipment and financing, while building strong teamwork with deep knowledge and strong financials.

Providing wind energy equipment and solutions in 23 sites across Turkey, GE accounts for more than 1 GW in installed wind energy power in Turkey. GE's installed capacity may reach up to 1.2 GW with the projects under construction. Fina Enerji, one of the partners of the consortium has eight operating wind plants with a total capacity of 305 MW. The company continues to work on investments in four new wind plants and plans to put into use additional 200 MW capacity within 24 months.

Borusan EnBW Enerji, another partner in the consortium, stands out with its seven wind energy power plants and its investments in this field. The entire Borusan EnBW product portfolio is based on renewable energy sources, and out of the company's total installed energy power of 406 MW, wind energy accounts for 349 MW.

Providing energy companies with such services as energy project development, project management, engineering solutions and energy portfolio management, Özgül Holding has so far offered turnkey solutions for around 10 wind energy projects. In addition, Özgül Holding works on realization of its own portfolio.

About GE Renewable Energy
GE Renewable Energy is a 10 billion dollar start-up that brings together one of the broadest product and service portfolios of the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With 12,000+ employees present in more than 55 countries, GE Renewable Energy is backed by the resources of the world’s first digital industrial company. Our goal is to demonstrate to the rest of the world that nobody should ever have to choose between affordable, reliable, and sustainable energy. Follow us @GERenewables and www.gerenewableenergy.com.

About Borusan EnBW Enerji
Borusan EnBW Enerji is carrying out its activities with an aim of becoming a leader in the field of wind energy with its portfolio composed of only renewable energy sources. In order to realize this goal, we adopt effective planning and management of investments; efficient operation of our power plants with an utmost care for the society and environment and undertaking an active role in electricity trading & sales as our mission. We continue new wind, solar and geothermal energy projects development and investment in line with the goal of reaching a portfolio of 2,000 MW. Borusan EnBW Enerji currently holds a renewable-based portfolio. Its installed capacity is 406 MW with Bandirma Wind Energy Power Plant (89.7 MWm), Yedigöl – Aksu Hydroelectric Power Plant (50.3 MWm), Balabanlı Wind Energy Power Plant (61,4 MWm), Koru Wind Energy Power Plant (52.8 MWm), Mut Wind Energy Power Plant (52.8 MWm), Harmanlık Wind Energy Power Plant (52.8 MWm), Fuatres Wind Energy Power Plant (33 MWm), Kartaldağı Wind Energy Power Plant (6,9 MWm) and Dayıcık Solar Energy Power Plant (6.6 MWp).

About Fina Enerji
Fina Enerji is owned by Fina Holding that is a part of Fiba Group, founded in 1987 by Hüsnü M. Özyeğin. Fiba Group is a respected and well-known player in national and international markets and operates in 12 countries through 74 companies with more than 18.500 employees from 55 nationalities. Fina Holding has established Fina Enerji in 2007 to involve in development, generation and trading of renewable energy. It currently has eight wind farms of 305 MW under operation, and new four wind power projects are in the pipeline. Additional capacity of 200 MW is scheduled to be commissioned within 24 months.

Fiba Group is the parent company of Fina Enerji and gives the financial firepower required for rapid and seamless implementation of wind power projects. Fiba Group as a diversified conglomerate with investments ranging from banking, factoring and leasing to retailing has 2,4 billion USD total equity and 17 billion USD total assets on its balance sheet as of 2015, giving Fina Enerji enormous flexibility in employing capital across a wide range of projects in different fields of the energy business.

About Özgül Holding
ÖZGÜL HOLDİNG provides energy project development, project management, engineering solutions and energy portfolio management services and has completed a total 289 MW of project management services. One of the main goals of ÖZGÜL HOLDİNG is to implement its own projects and become an electricity producer with a focus on renewable energy. For the wind pre-license applications in 2015, 79 projects with a total of 3760 MW have been prepared, and Özgül Holding became the project development firms that apply the most projects and accept all of the projects they apply. With a total of 10 projects with a total capacity of 466.5 MW, which is fully approved in its portfolio, it is expected to enter the tender and 49.5 MW project has been granted with the pre-license.

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Image details:

Signing ceremony participants [from left to right]:

Ömer Faruk Özgül, Özgül Holding's Chairman of the Board
Agah Uğur, Borusan EnbW Enerji’s Chairman of the Board
John Rice, CEO of GE Global Growth Organization
Canan M. Özsoy, CEO & President of GE Turkey
Murat Özyeğin, Fina Enerji's Chairman of the Board
Cliff Harris, General Manager, GE EMEA Onshore Wind Energy

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