Zorlu Energy plans further geothermal investments in Turkey and internationally
Zorlu Energy has announced plans for investments into geothermal beyond Turkey and the creation of a new renewable energy spin off as subsidiary.
In an interview with Bloomberg HT, Sinan Ak, CEO of Turkish Zorlu Energy stated that they plan to make their geothermal investments not only domestically, but also abroad, by stating the importance of geothermal as a strategically niche area for the company.
Zorlu Energy CEO Sinan Ak shared his thoughts on the developments in the energy sector in Bloomberg HT’s Finance Center program.
Saying that their targets for the upcoming period are to invest especially in geothermal, solar and wind fields, Ak stated that geothermal is more important for the company due to the fact that it is a strategically niche area. Stating that they have hopes that the YEKDEM tariff will continue, AK stated that they are considering making their geothermal investments not only domestically but also abroad.
Speaking of a new company plans called Zorlu Renewable Energy under Zorlu Energy, Ak said that they are considering a new IPO (Initial Public Offering) for this company after September , and they will use their IPO to grow and reduce their debts.
Stating that there may be opportunities for refinancing and evaluating, Ak stated that they want to decrease debt and reduce interest.
Saying that the company owes approximately $2 billion, Ak said, “There is an increase in our profitability and EBITDA. We will see an EBITDA of $ 380 million in 2019 and take steps to reduce debts. ”