Galata Wind continues to accelerate in the second quarter


Galata Wind Energy Inc., which produces 100% clean and renewable electricity from wind and sun, displayed a very successful financial performance in the first half of the year.

The company grew by 188% compared to the same period of the previous year and generated a revenue of 518 million TL.

Galata Wind, which plays an increasing role in economic growth with its ever-growing global sustainability perspective, continues to lead and grow in "clean energy". The company, which offered 30% of its shares to the public in April 2021, also felt the effects of the wind blowing stronger than the previous year in financial reflections. While maintaining its EBITDA margin at 87%, the company managed to realize a net debt/EBITDA ratio of 0.32. Thus, Galata Wind achieved a revenue of 518 million TL with an increase of 188% and a profit before tax of 418 million with an increase of 2268%. The company's balance sheet increased by 28% compared to the end of the year.

Contributed to the increase in the share of green energy

Galata Wind, which has three Wind Power Plants (WPP) and two Solar Power Plants (SPP) in its portfolio; In the first six months of 2022, it produced 344,798 MWh from wind power plants and 24,224 MWh from solar power plants. According to the announced results, electricity production increased by 19.6% compared to the same period of the previous year; The fact that Taşpınar WPP was operating at full capacity this year and that 2022 was windy drew attention as the most important reason for the results. . In Turkey, on the other hand, there was a 16% increase in electricity generation from renewable sources compared to last year, while 49% of this increase was from wind and 22% from the sun. As Galata Wind targets with its growth vision, it contributes significantly to the increase in renewable energy power plants in Turkey and the increase in the share of green energy in total production. This contribution will continue to increase in the third quarter, when wind and solar generation is at its highest seasonally.

In the first half of 2022, the company's sales revenues increased by 188% compared to the first 6 months of the previous year. The rise in the dollar exchange rate, the increase in production performance and upward electricity prices are among the main reasons for the increase in sales revenues. In this period, the average free market selling price (PTF) was 1,698.42 TL/MWh, an increase of 417% compared to the same period of the previous year. In the rest of the year, the increase in electricity prices is expected to continue.

Burak Kuyan: “The importance of renewable energy has been seen once again”

Burak Kuyan, CEO of Galata Wind, said the following about the second quarter financial results: "In the current situation of the Turkish electricity market, the importance of renewable energy is once again and more strongly emerging. Galata Wind only invests in renewable energy as it has committed during its public offering. Our world, which is very busy with increasing commodity prices, energy supply security, climate change, economic crises and wars, is in need of green, clean and renewable energy in the long term. Our company strongly continues its vision of being one of the important stakeholders that meet this need in our country and in the world."

Moving in line with sustainability goals

Galata Wind power plants, which have an average annual electricity generation capacity of 800 GWh, will reduce carbon emissions by an average of 400 thousand tons per year. Revenue from the sale of the issued Gold Standard and VCS certified carbon credits in the first half of 2022 amounted to 4% of the company's revenues.

Galata Wind, which reached an A1 Advanced level with a score of 60 in the ESG (Environmental-Social-Governance) index from the international rating agency Moody's ESG Solutions in the first quarter within the scope of sustainability activities that the company attaches importance to, is based on reducing its carbon footprint, health and safety policies for employees, from the management of supply chains to innovation, and trust that supports social responsibility. Creating a corporate culture and rapidly advancing towards its 2030 sustainability goals. In the second quarter, in the ESG risk report prepared by Sustainalytics, Galata Wind's Environmental, Social and Governance (ESG) Risk Rating was included in the "Low Risk" category with a Risk Rating of 19.9. As a result of the analysis in the report, it was underlined that Galata Wind is in line with the best practices related to ESG and has a board level oversight for ESG issues. According to the ESG Risk Rating Rating, Galata Wind ranked 80th among 675 companies in the Utilities sector.

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