Zorlu Energy, a subsidiary of Zorlu Holding, has completed the sale of Gökçedağ Wind Energy Generation Inc. to Rönesans Renewable Energy Investment Inc. for a cash consideration of $117 million.
According to the company’s statement, Gökçedağ Wind Energy was transferred to Etimesgut Energy Generation and Trade Inc., a subsidiary of Rönesans Energy. The transaction was carried out on a cash basis.
Zorlu Energy said the proceeds from the sale will be used in line with its growth strategies, including new investments and the repayment of financial debt.
Previous Divestments
The company had previously announced its intention to exit natural gas distribution and focus more heavily on renewable energy sources. In March last year, Zorlu Energy sold all shares of its subsidiary Zorlu Energy Distribution to PALMET Energy for $200 million, with the transfer completed to Gaztrak Energy, a PALMET subsidiary.
Following that transaction, Zorlu Energy ended its activities in natural gas distribution and stated it would increase investments in renewable energy, energy technologies and storage solutions.
At the time, then-CEO Sinan Ak said the company aimed to lead the energy sector’s transformation toward decarbonization, digitalization, electrification and mobility. Ak stepped down in December 2024 and was succeeded by Elif Yener.
Sale in Wind Energy Segment
Despite reiterating its focus on renewable energy, Zorlu Energy has now carried out a divestment in the wind energy segment.
The company announced that the sale of 100% of the shares of its subsidiary Gökçedağ Wind Energy Generation Inc., together with all related rights and liabilities, to Etimesgut Energy Generation and Trade Inc. has been finalized.
The transaction received approval from the Turkish Competition Authority on December 18, and the sale process was completed as of December 29.
Transaction Details
As part of the closing adjustments, financial and commercial liabilities amounting to TRY 179 million, equivalent to $4.182 million, were deducted from the sale price. As a result, the final transfer value amounted to $117.018 million. Zorlu Energy noted that the payment was made in full and in cash.
The company added that any profit or loss arising from the transaction will be reflected in its financial statements dated December 31, 2025.
Zorlu Energy reiterated that the income generated from the sale will be allocated to new investments and the reduction of financial liabilities as part of its long-term growth strategy.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök