Turkish mobile phone operator Turkcell is to acquire Boyut Grup Enerji, which owns the 18MW İzmir Karadag wind farm in Turkey, for an enterprise value of $29.6m (€25m).
After adjusting for the net debt of Boyut Grup Enerji, Turkcell will pay cash of $11.5m.
The plant has state purchase guarantee until the end of 2026 with annual gross revenue of $5m anticipated during this time.
The transfer of shares is subject to the approval of respective authorities and fulfillment of various conditions.
Turkcell chief executive Murat Erkan said: “In line with our sustainability approach, we continue to lead investments in renewable energy and target to become a company meeting its electricity need from eco-friendly resources.
“In accordance with this target, the energy we generated with the self-consumption model in 2020 reached a level equivalent to the annual consumption of 1230 residences.
“In Northern Cyprus, Turkcell Group’s first solar power plant generates 1.2 million kWh of electricity annually and prevents 448 tonnes of carbon dioxide emissions.
“Meanwhile, the Ankara Data Center, the first in Turkey to generate its own energy via solar panels, produces 300,000 kWh of electricity annually.
“Furthermore, through solar power investments in our Adana Plaza, Diyarbakır Plaza and Çorlu Data Center, we have reached the capacity to generate 730,000 kWh of energy annually.
“Going forward, we will continue to invest in projects with respect to renewable energy generation.”
The power plant commenced operations in 2016 holding a licence that will expire in 2057.