Doğan Holding has identified electricity – a vital need for fast-growing Turkey – as a key investment area. Closely monitoring the electricity supply issue Turkey faces, and the investment environment provided by the government, Doğan Holding continues to pursue a range of electricity generation projects. These include: hydroelectric power plants; nuclear power plants, and utilization of local lignite sites for electricity generation purposes; thermal power plants fueled by imported coal; green field and existing natural gas power plants; wind power plants; and geothermal power plants.

Doğan Enerji Yatırımları Sanayi ve Ticaret A.Ş. (“Doğan Enerji”), a participation of Doğan Holding, was incorporated to engage in the production, transmission, distribution, domestic and foreign trading (on a wholesale or retail basis) of energy supplied from any source.

In 2009, Doğan Enerji acquired a 50 percent stake in Gas Plus Erbil, with the aim of extending its activities in the oil production area. Through Gas Plus Erbil, the Company participated in an oil exploration field in North Iraq.

Doğan Enerji acquired a 33 percent stake in Boyabat Elektrik Üretim ve Ticaret Limited Şirketi. Construction is currently underway for the Boyabat Dam and HEPP Project: an electricity generation license was obtained from EMRA on November 13, 2007. With an installed capacity of 513 MW, the Boyabat Dam and HEPP Project is one of the largest privately-owned power plants constructed in Turkey by the private sector. The approximately 1.5 billion kWh to be generated annually from the project is expected to play a significant role in reducing Turkey’s dependence on foreign energy.

Initially, a turn-key construction agreement was made with Doğuş Construction for the project. With the mobilization and excavation phases now complete, the dam body concrete casting is in progress. Pursuant to the related agreement, the Boyabat Dam and HEPP Project will be commissioned in November 2012. The project is fully financed by the executed loan agreement.

The Boyabat Dam and HEPP Project has made and continues to make significant contributions to the national economy. Almost 1,900 people are employed in the ongoing construction work as of this year.

With an installed capacity of 120 MW, the Aslancık project is situated on the Harşit Brook within the borders of the districts of Doğankent and Tirebolu, in the province of Giresun, in the Eastern Black Sea Region. Established with 25 percent stake from Doğan Holding and 8.33 percent from Doğan Enerji, Aslancık Elektrik Üretim A.Ş received an electric production license from EMRA on March 20, 2008. The project is currently under construction and is scheduled to be commissioned in the second half of 2013. A procurement agreement has been executed with the Norwegian Rain Power company for the electromechanical equipment of the project. In addition, a financing agreement of $160 million was executed with a banking consortium established by Garanti-Iş Bank-Yapı Kredi, and Turkish Industrial Development Bank (TSKB).