Five renewable energy firms preparing to enter stock market in Turkey

The Istanbul Stock Exchange is about to list five companies that operate in the renewable energy sector, as they decided to make use of the current wave of investor interest. Aydem Yenilenebilir Enerji’s initial public offering is set to be the biggest in Turkey in at least three years.

Galata Wind is set to start trading at Borsa Istanbul on April 22 after selling a 30% stake. The renewable energy subsidiary of Doğan Holding attracted bids that exceeded the offer by eight times. It is one of five companies active in the green energy segment that are about to list on the Turkish stock market.

The firm has a portfolio of wind and solar power plants. It also installs rooftop photovoltaics. Galata Wind said it aims to boost its portfolio from the current 269 MW to 750 MW in the next five to six years.

Aydem Yenilenebilir Enerji’s IPO size comes in smaller than planned

Aydem Yenilenebilir Enerji is finishing its book building process on the same day. It aims to raise as much as USD 160 million in its initial public offering, making it the biggest stock market debut in at least three years.

The company’s portfolio of just above 1 GW mostly consists of hydroelectric plants, while it also operates wind farms. The firm controlled by Aydem Holding said it would use the proceeds to repay debt.

According to unconfirmed reports from November, Aydem Yenilenebilir Enerji aimed to raise as much as USD 300 million

Renewable energy businesses in Turkey have turned to stock market listings to raise funds as investors around the world are betting on the energy transition, especially since United States President Joe Biden took office with a massive green energy agenda.

Turkey has massive renewable energy projects and potential. On the flipside, there are serious risks for IPOs as the Turkish lira is near record lows and the national economy is struggling with the effects of the coronavirus pandemic and inflation. According to unconfirmed reports from November, Aydem Yenilenebilir Enerji aimed to raise up to USD 300 million.

Expansion aspirations across the board

Margün Energy, a wholly-owned subsidiary of Esenboğa Elektrik, is also preparing for a debut at the Istanbul Stock Exchange. The firm, founded in 2014, operates solar power facilities of an overall 118 MW in peak terms.

It is also active in project development, engineering, procurement, and construction (EPC), operation and maintenance. Naturel Enerji owns Esenboğa Elektrik.

Girişim Elektrik is the contractor for North Macedonia’s Oslomej solar power plant

Girişim Elektrik announced that it has completed the application for its IPO. It has hundreds of projects in more than 35 different countries. The company participates in the construction of a 1 GW solar power plant (or 1.3 GW in peak capacity) in Konya in central Turkey. Girişim got a contract in 2019 to build a 10 MW photovoltaic unit in Oslomej in North Macedonia for the country’s state-owned power producer ESM.

The EPC contractor installs all kinds of power plants and overhead lines.

Biotrend Enerji is the only business in the group focused on biomass, biogas and waste incineration for the production of energy. It plans to open its 17th plant by the end of the year.

Owned by Doğanlar Yatırım Holding, it should complete the book building process tomorrow. Biotrend said it would use the funds for capacity and infrastructure investments and loans.