ODAŞ Enerji abandons solar energy investments

ÇAN2 Termik A.Ş., operating under ODAŞ Enerji, announced its decision to abandon solar energy projects and transfer the funds obtained through a capital increase to the CEMA oil field investment in Venezuela.

Change of Investment Decision

ÇAN2 Termik A.Ş., operating within ODAŞ Enerji, officially reported that it has abandoned using the funds provided through the capital increase for solar energy investments.

The reasons behind this change were communicated to the public in detail via a statement shared by the company on the Public Disclosure Platform.

Reasons and Market Conditions

The decision was influenced by the oil field investment opportunity in Venezuela alongside negative factors within the renewable energy sector in Turkey.

Despite inflationary cost pressures, factors such as low electricity market price caps and oversupply limited profit margins.

Preference for the CEMA Oil Field

Considering the interests of the company and its investors, the CEMA field was chosen as it is projected to have a higher internal rate of return.

It was announced that the provided funds will be used for the initial phase capital expenditures of this field.

Previous Plans and Funding

Çan2 Termik A.Ş. had raised approximately 3 billion TL in its capital increase in February, with seventy percent of this amount allocated to renewable energy.

The prospectus had planned for the establishment of a hybrid solar power plant in Çan, Çanakkale, and participation in a storage-inclusive solar project in the USA.