Zorlu Energy, a prominent Turkish energy company, has announced that it will be acquiring Alkan Geothermal Energy Electricity Generation in a major merger move. The subsidiary was created for power generation based on geothermal and other renewable sources.
According to a statement published in the Public Disclosure Platform, the merger will involve the transfer of all assets and liabilities of Alkan Geothermal Energy Electricity Generation to Zorlu Energy. Shareholders will not be permitted to leave during the transaction, and Zorlu Energy's capital will not be increased as a result of the merger.
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Zorlu Energy established a new company, Alkan Geothermal Energy Electricity Generation Joint Stock Company, last year with a capital share of 130 million TL. The aim of this company was to establish electrical power generation, steam, and heat facilities based on all kinds of renewable energy sources, including geothermal power plants.
This merger marks a significant move for Zorlu Energy, positioning the company as a major player in the renewable energy sector in Turkey. With its expertise in geothermal energy and other renewable sources, Zorlu Energy is well-positioned to take advantage of the growing demand for clean energy solutions. The merger is expected to be completed based on the financial statements of both companies as of December 31, 2022.
