In order to achieve its aim of being carbon neutral, Tüpraş, a company that is a component of the Koç Holding group, purchased Entek Elektrik, also a company that is a part of the same group.
The procedure, which had begun in April, was said to have come to a conclusion on August 25, 2022, when the decision to take over through partial spin-off was approved at the Koç Holding, Aygaz, and Tüpraş Extraordinary General Assembly Meetings.
Entek shares having a nominal value of 942,727,458.04 TL, or 99.24% of Entek’s capital, were transferred to Tüpraş as part of the deal.
As a result, a natural gas cycle power plant with a capacity of 112 MW, 8 hydroelectric power plants with a combined capacity of 264 MW, and a wind power plant with a capacity of 60 MW were moved from Entek’s body to the Tüpraş portfolio.
Tüpraş made a statement on the subject in which it recalled that the company had set a carbon neutral target for 2050 and that the Strategic Transformation Plan created in order to achieve this target focuses on four business areas: “sustainable refining, zero-carbon electricity, green hydrogen, and biofuels.”
The merger of Entek, according to Tüpraş General Manager, is a significant step that will help the creation of green hydrogen and zero-carbon power.
In addition, Brahim Yelmenolu stated that they planned to boost Entek’s installed power to 1 GW in 2030 and 2.5 GW in 2035.