Turkey’s energy group Bereket Enerji will offer a portfolio of about 1,100 MW hydropower plants and wind farms on the stock market as a part of a USD 4.6 billion debt restructuring deal with 9 banks. The power plant portfolio will be traded in the first quarter of the year, local media reported.
Bereket Enerji is an integrated energy company with operations in power generation, distribution, and sale. The company also designs and builds power plants.
The company has power plants with an installed capacity of 2,101 MW, of which 910 MW in hydropower plants (HPPs) and 238 MW in wind farms. The lion’s share of the remaining part is thermal power plants (TPPs).
Bereket Enerji CEO Idris Kupeli said that the restructuring agreement is the largest in the energy sector in Turkey.
The 1,100 MW portfolio is a very good opportunity for both foreign and domestic investors as it is a 100% renewable energy portfolio, Kupeli said.
He said that distribution companies ADM and GDZ could be offered on the stock market in 2021.
Kupeli has also tried to explain what went wrong in the company’s business operations.
As a result of the increasing number of energy investments, supply surpassed the energy demand, which caused a downward trend in prices, Kupeli said, Daily Sabah reported.
Kupeli noted that the rapid growth in the energy sector was financed through loans, not through company equities.
Most of the energy firms in Turkey received loans in foreign currency, particularly in the U.S. dollar, while the depreciation of the Turkish lira lowered their chances of repayment.