Aksa Energy

Aksa Energy is a Turkish electricity-generation company incorporated in 1997 and controlled by Kazancı Holding. Its activities cover the development, construction, operation and maintenance of power plants, as well as the generation and sale of electricity. The company has worked with a broad range of generation technologies and fuels, including natural gas, fuel oil, coal, biogas, wind and hydroelectric power. Its operating model extends beyond owning generating assets: Aksa Energy states that it performs power-plant installation processes internally, from project design and procurement through construction and commissioning. The company’s development began in Turkey and Northern Cyprus. Its Kalecik fuel-oil plant in Northern Cyprus entered service in 2003, followed by the Ali Metin Kazancı Antalya natural-gas combined-cycle power plant in 2008. Aksa Energy expanded its Turkish generation base with the Şanlıurfa natural-gas combined-cycle plant, which began commercial operation in 2010, and the Bolu Göynük thermal power plant, which entered commercial operation in 2015. The Bolu Göynük facility is described as using fluidized-bed boiler technology and wet flue-gas treatment. Aksa Energy became a publicly traded company in 2010, when its shares began trading on Borsa Istanbul under the symbol AKSEN. Its shares have been included in the BIST 100, BIST Electricity, BIST Sustainability and BIST Corporate Governance indices. The company also issued its first bond in 2015. In Turkey, its assets have included large-scale gas-fired generation as well as thermal generation. The Antalya plant has a stated installed capacity of 900 MW and annual generation capacity of approximately 7 billion kWh. During the second half of the 2010s, the company pursued an international expansion strategy centered on power plants in Africa. Fuel-oil plants in Ghana, Madagascar and Mali reached commercial operation in 2017. In Madagascar, Aksa Energy also signed an agreement to rehabilitate and operate the CTA-2 fuel-oil plant owned by Société Jiro Sy Rano Malagasy, with an initial 12 MW capacity commissioned in December 2017. The company subsequently explored or developed projects in Cameroon and the Republic of Congo, including natural-gas supply arrangements and generation concessions. Uzbekistan became a major international growth market. In 2020, Aksa Energy agreed with Uzbekistan’s Ministry of Energy to develop a 240 MW natural-gas combined-cycle plant in Tashkent and sell its output under a long-term, guaranteed-capacity arrangement denominated in U.S. dollars. In 2021, the parties added agreements for a 230 MW Tashkent plant and a 270 MW Bukhara plant. Commercial generation began at Tashkent A, Tashkent B and Bukhara in 2022. The company has described these projects as among the largest Turkish energy investments in Uzbekistan. The company has also pursued projects in Kazakhstan, where it won a capacity tender for a 240 MW combined heat and power plant in Kızılorda, and in Ghana, where it signed a 15-year electricity sales contract in U.S. dollars. In the Republic of Congo, electricity from its natural-gas plant began to be exported to the Democratic Republic of Congo in 2022. Based on the referenced company description, Aksa Energy has made 13 power-plant investments across eight countries and has constructed or operated more than 30 plants. Its portfolio and expansion strategy remain exposed to fuel costs, power-market regulation, currency movements, sovereign counterparties and environmental scrutiny associated with fossil-fuel generation.

Aksa Enerji Üretim A.Ş. was incorporated in Turkey in 1997 as part of the Kazancı Holding group. The company developed as an electricity-generation business rather than a retail electricity brand, building capabilities across project design, procurement, construction, commissioning, operation and maintenance. Its generation portfolio has used several technologies and fuels, including natural gas, fuel oil, coal, biogas, wind and hydroelectricity. The company’s early expansion included the Kalecik fuel-oil power plant in Northern Cyprus, commissioned in 2003. In Turkey, it later commissioned the Ali Metin Kazancı Antalya natural-gas combined-cycle plant in 2008. The facility has a stated installed capacity of 900 MW and annual generation capacity of about 7 billion kWh. The Şanlıurfa natural-gas combined-cycle plant began commercial operation in 2010, the same year that Aksa Energy’s shares started trading on Borsa Istanbul under the AKSEN code. Aksa Energy added the Bolu Göynük thermal power plant to its Turkish portfolio in 2015. The plant is described as using fluidized-bed boiler technology and wet flue-gas treatment. That year the company was included in the BIST Sustainability Index and completed its first bond issuance. These developments combined capital-market access with continued investment in conventional generation assets. From 2017, Aksa Energy accelerated its international expansion. Fuel-oil plants in Ghana, Madagascar and Mali entered commercial operation. In Madagascar, the company signed a rehabilitation and operation-maintenance agreement for the CTA-2 plant owned by Société Jiro Sy Rano Malagasy; a 12 MW portion was commissioned in December 2017. The company later pursued opportunities in Cameroon and the Republic of Congo, including preliminary project arrangements and natural-gas procurement discussions. The most substantial later expansion occurred in Uzbekistan. In 2020, Aksa Energy agreed with the Uzbek Ministry of Energy to establish a 240 MW natural-gas combined-cycle plant in Tashkent and sell its electricity under a long-term arrangement with a guaranteed capacity fee in U.S. dollars. In 2021, agreements were added for a second 230 MW Tashkent plant and a 270 MW Bukhara plant. Initial test generation took place at Tashkent A, and commercial generation at Tashkent A, Tashkent B and Bukhara began in 2022. Aksa Energy also expanded its project pipeline in Central Asia and Africa. It won a capacity tender for a 240 MW combined heat and power project in Kızılorda, Kazakhstan, and signed a 15-year U.S.-dollar electricity sales contract with Ghana. In the Republic of Congo, the company obtained a 30-year operating-right concession for a 50 MW natural-gas plant, and electricity from the Congo plant began to be exported to the Democratic Republic of Congo in 2022. The referenced company and encyclopedia material describes Aksa Energy as having 13 power-plant investments in eight countries and having constructed or operated more than 30 power plants. It has remained listed on Borsa Istanbul and has been included in the BIST 100, BIST Electricity, BIST Sustainability and BIST Corporate Governance indices. The company ranked 31st in Turkey’s 2023 Fortune 500 survey and 38th in the 2023 Capital 500 survey, according to the referenced Wikipedia entry. Its continued reliance on natural gas, fuel oil and coal has also placed it on the Global Coal Exit List compiled by the environmental organization Urgewald, making energy-transition and emissions issues relevant to its public profile.

• 2022

  Uzbekistan plants begin commercial generation

  [1]Aksa Energyen.wikipedia.org

  Commercial generation began at the Tashkent A, Tashkent B and Bukhara plants.

• 2020

  Uzbekistan project agreement

  [1]Aksa Energyen.wikipedia.org

  Aksa Energy signed an agreement for a 240 MW natural-gas combined-cycle plant in Tashkent with a long-term electricity-sale arrangement.

• 2017

  African plants enter operation

  [1]Aksa Energyen.wikipedia.org

  Generation projects in Ghana, Madagascar and Mali entered commercial operation, and the company commissioned capacity at Madagascar’s CTA-2 plant.

• 2015

  Bolu Göynük and capital-markets expansion

  [1]Aksa Energyen.wikipedia.org

  The Bolu Göynük thermal plant began commercial operation; Aksa Energy entered the BIST Sustainability Index and issued its first bond.

• 2010

  Public listing and Şanlıurfa operation

  [1]Aksa Energyen.wikipedia.org

  Aksa Energy shares began trading on Borsa Istanbul under AKSEN, while the Şanlıurfa natural-gas combined-cycle plant entered commercial operation.

• 2008

  Antalya combined-cycle plant commissioned

  [1]Aksa Energyen.wikipedia.org

  The Ali Metin Kazancı Antalya natural-gas combined-cycle plant began generating electricity.

• 2003

  Kalecik plant commissioned

  [1]Aksa Energyen.wikipedia.org

  The Kalecik fuel-oil power plant in Northern Cyprus was commissioned.

• 1997

  Company incorporated

  [1]Aksa Energyen.wikipedia.org

  Aksa Enerji Üretim A.Ş. was incorporated in Turkey.

An integrated electricity-generation and power-plant development company combining Turkish generation assets with international project investments, long-term electricity sales arrangements and in-house engineering and construction capabilities.

• Natural-gas electricity generation · 2008

  Ali Metin Kazancı Antalya Natural Gas Combined-Cycle Power Plant

  A large Turkish natural-gas combined-cycle facility commissioned in 2008. The referenced material gives it an installed capacity of 900 MW and annual generation capacity of approximately 7 billion kWh, making it one of Aksa Energy’s principal domestic generation assets.

• Thermal electricity generation · 2015

  Bolu Göynük Thermal Power Plant

  A 270 MW Turkish thermal power plant that began commercial operation in 2015. The plant is described as using fluidized-bed boiler technology and wet flue-gas treatment, reflecting an effort to integrate emissions-control equipment into its thermal-generation design.

• Natural-gas combined-cycle electricity generation · 2022

  Tashkent A, Tashkent B and Bukhara Power Plants

  A group of Uzbek natural-gas generation projects developed through agreements with Uzbekistan’s Ministry of Energy. The projects comprise a 240 MW Tashkent plant, a 230 MW second Tashkent plant and a 270 MW Bukhara plant. Commercial generation began in 2022 after initial testing at Tashkent A.

• Fuel-oil electricity generation · 2017

  International Fuel-Oil Power Projects

  Aksa Energy’s international fuel-oil portfolio includes generation projects in Ghana, Madagascar and Mali. The Madagascar activities also included rehabilitation and operation-maintenance work at the CTA-2 plant, owned by Société Jiro Sy Rano Malagasy, with 12 MW commissioned in 2017.

• 2022

  Kazakhstan combined heat and power investmentStrategy

  Background

  Kazakhstan organized a capacity tender for a combined heat and power project in Kızılorda.

  Action taken

  Aksa Energy won the tender for a 240 MW project and began investment work.

  Aftermath

  The award extended the company’s international project pipeline into Kazakhstan.

  Source

• 2020

  Uzbekistan natural-gas expansionStrategy

  Background

  Aksa Energy pursued international growth through long-term power-generation projects supported by electricity-sale arrangements.

  Action taken

  It agreed to develop a 240 MW natural-gas combined-cycle plant in Tashkent and sell its output under a long-term guaranteed-capacity arrangement.

  Aftermath

  The agreement was followed by additional Tashkent and Bukhara projects, which entered commercial generation in 2022.

  Source

• 2010

  Public-market listingStrategy

  Background

  Aksa Energy sought access to public equity capital as it expanded its electricity-generation portfolio.

  Action taken

  The company’s shares began trading on Borsa Istanbul under the AKSEN ticker.

  Aftermath

  The shares subsequently appeared in several Borsa Istanbul indices, including the BIST 100 and BIST Electricity indices.

  Source

1. 1Aksa Energyen.wikipedia.org
2. 2Aksa Energy official websiteaksaenerji.com.tr