Borusan and Enbw AG Established Partnership In Energy Sector

22 April 2009

Borusan Holding and EnBW Energie Baden – Württemberg AG, third biggest energy company of Germany, gave information on their partnership in Turkish energy sector. Equal partners in energy, Borusan and EnBW Energie Baden – Württemberg AG, will make a total investment of 2000 MW, mostly in renewable energy sources. The total amount of investments to be made in mid term will reach EUR 2.5 billion.

27 April 2009, İstanbul; Borusan Holding, one of the leading industrial conglomerates of Turkey, and EnBW Energie Baden – Württemberg AG, third biggest energy company of Germany, announced their partnership and the targets, which will put its mark on Turkish energy sector. At the joint press conference, Borusan and EnBW Energie Baden – Württemberg AG stated that they would be putting their weight in the sector as equal partners, their priority being to complete around 1000 MW investment portfolio of Borusan Enerji. Two companies’ mid and long term target is to reach a capacity of 2000 MW, mostly from renewable energy sources.
Borusan Holding Chairman of Board Ahmet Kocabıyık, EnBW Energie Baden – Württemberg AG CEO Hans Peter Villis, Borusan Holding CEO Agah Uğur and EnBW Energie Baden – Württemberg AG CTO Dr. Hans-Josef Zimmer attended the press conference at Çırağan Kempinsky.

Borusan is determined to grow in the energy sector
Addressing the meeting, Borusan Holding Chairman of Board Ahmet Kocabıyık emphasized that this partnership is very valuable since it shows clearly that Turkey hasn’t lost its attractiveness for international investments despite the global crisis. Kocabıyık continued:

“Borusan grew 5 – 6 times faster than Turkey’s average growth since the crisis of 2001. Together with steel, energy will be among our most important businesses. In the energy sector we have a systematic and long term approach. Borusan is determined to grow in this sector. We have a comprehensive investment plan. We have decided to make this investment in partnership with EnBW, in line with our principle to grow with industry-leader partners. I believe EnBW’s expertise and experience will enable us to grow fast and faultless.”

EnBW Energie Baden – Württemberg AG CEO Hans Peter Villis added:

“Our investment is in line with our global growth strategies, and the importance Turkey holds for us. In the field of energy, particularly renewable energies, Turkey has a great potential. We taken this decision of investment in order to realize this potential and create value for Turkey and the world. We have decided to make this investment with Borusan as a leading, credible Turkish Company with international experience. We aim to be one of the leading power producers in Turkey by implementing most efficient, flexible, reliable and cost effective technologies. I believe our partnership will undersign very successful projects.”

Borusan Holding CEO Agâh Uğur emphasized that energy sector is the business Borusan will be focusing most in mid term and continued:
“We, as Borusan, have decided to start investing on the energy sector, in line with our strategies to grow on a balanced portfolio. Until today, we have focused on forming a strong investment portfolio. In this regard, we have built a 1000 MW portfolio mainly consisting of hydroelectricity and wind power plants. We have already started investments for the initial portion of this portfolio, representing 110 MW. We will start producing electricity in September.

Now, we continue our progress with a very strong partner. The Borusan EnBW partnership aims to acquire a capacity to produce 2000 MW of electricity, mainly with new investments, as well as the opportunities that will be presented by privatizations in a period of 8 to 10 years. The investments that are required by this objective is around EUR 2,5 billion.

Our priority target is to become one the 8 biggest electricity producers of Turkey”. 

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