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Zorlu Energy plans IPO for renewable energy business with focus on geothermal

Kizildere geothermal plant, Turkey (source: Zorlu Energy)
Alexander Richter 17 Jul 2020

Turkish energy company Zorlu Energy is planning to spin off its renewable energy business in a new entity called Zorlu Renewable Energy or "Zorlu Yenilenebilir Enerji" in Turkish with a focus on geothermal energy and initiate a listing on the stock market for 1H of 2021.

Reported earlier this week, Turkish Zorlu Energy is planning to spin off its renewable energy business with a focus on geothermal and list it on the stock market. Zorlu plans an initial public offer new company called Zorlu Renewable Energy or “Zorlu Yenilenebilir Enerji” in Turkish, so Zorlu Energy CEO Sinan AK.

Stating that renewable energy investments are the focus of the company’s future plans, Ak said, “We combine our hydroelectric, geothermal and wind investments under our Zorlu Natural, Zorlu Geothermal and Rotor companies as one company”.

Ak emphasized that they will revise the public offering of the company as the first half of 2021, and that the company division is expected to be completed at the end of the process, and they intend to take action with the balance sheets of September or the end of the year. Underlining that geothermal energy will be an important investment area that Zorlu Energy will especially focus on, Ak said that they will use the revenue from public offering to grow and reduce company debts.

Source: Our Turkish-language news service JeotermalHaberler