OYAK has announced an agreement to acquire a 51% stake in İSKEN Sugözü Power Plant from Germany-based Steag Power GmbH, securing full ownership of one of Turkey’s major energy assets.
According to the company statement, this move comes at a time when geopolitical risks are intensifying and energy supply security is more crucial than ever. With this acquisition, OYAK aims to strengthen its investment portfolio in the energy sector.
The İSKEN-Sugözü Power Plant, located in Turkey, has an installed capacity of 1,360 megawatts (MWe) and currently meets approximately 2.6% of the country’s total electricity demand, producing around 9 billion kilowatt-hours annually.
A Strategic Asset in a Volatile Energy Landscape
Commenting on the deal, OYAK General Manager Süleyman Savaş Erdem said that acquiring full ownership of a facility with such a significant role in Turkey’s electricity generation is a vital gain for energy security amid current geopolitical developments.
“This acquisition is a tangible reflection of OYAK’s long-term vision for sustainable value creation. İSKEN, with its high capacity and role as a base-load power source, will now become a 100% OYAK subsidiary. The return period for this investment is calculated at 6.5 years, which is relatively short for energy investments of this scale—demonstrating the alignment between our financial discipline, resource efficiency, and strategic decision-making,” Erdem noted.
Expanding into Renewable Energy
Erdem also highlighted OYAK’s strategic pivot toward renewable energy, stating:
“Our solar energy projects—spanning 25 different locations across 14 provinces—are progressing rapidly and are expected to reach a total installed capacity of 2,200 MWp. The goal is to bring all projects online and operating at full capacity by the end of 2028. These investments are primarily designed to meet the internal energy needs of OYAK’s companies. Once completed, they will deliver approximately 3.5 million megawatt-hours of annual production, contributing not only to energy supply but also to reducing carbon emissions in line with our country’s green transformation goals. With a responsible growth mindset, we remain committed to building a climate-positive future.”
OYAK Energy Group Chairman Yüksel Yılmaz added that OYAK’s energy operations, including sustainable energy investments, continue to demonstrate steady growth.
Source: Bloomberght/ Prepared by: İlayda Gök