Doğan Group subsidiary Galata Wind Enerji A.Ş. applied to the Capital Markets Board of Turkey (CMB) on March 4, 2021 for the approval of its prospectus regarding the initial public offering of the company that generates renewable energy from solar and wind resources with a total of 269 MW installed power capacity. The draft prospectus for the initial public offering of Galata Wind Enerji A.Ş., which was submitted to the approval of the CMB, will be published on www.garantibbvayatirim.com.tr, the website of Garanti BBVA Securities authorized as the leading intermediary.
Doğan Group’s announcement on the Public Disclosure Platform reads as follows:
“[The Board of Directors] has resolved to hold an initial public offering of the 13,369,787,000 shares corresponding to 25% of the total 53,479,145,765 registered shares –with a nominal value of 1 Kurus - of Galata Wind Enerji A.Ş., our direct subsidiary, representing its fully paid total capital of 534,791,457.65 Turkish Liras, and moreover, within the scope of the exercise of the “additional selling” rights, by ensuring the option of “additional sales” for the 2,673,957,000 shares, representing 5% of the total capital of Galata Wind Enerji A.Ş.to allow such shares to be also publicly offered, and accordingly, to hold an initial public offering for 16,043,744.000 shares representing 30% of the total capital of Galata Wind Enerji A.Ş., including the exercise of the “additional selling” rights. An application was submitted to the Capital Markets Board on 04.03.2021 requesting the shares of Galata Wind Enerji A.Ş. to be entered into the Capital Market Boards registry and requesting an approval for the initial public offering. Moreover, applications are also being submitted to Borsa İstanbul A.Ş. (Istanbul Stock Exchange) and Merkezi Kayıt Kuruluşu A.Ş. (Central Registry Agency) to obtain the necessary permits within this scope.”
Galata Wind Enerji A.Ş is one of the investments representing Doğan Group’s adaptation to the UN-backed global transition to carbon neutral economy. Galata Wind Enerji A.Ş’s 100% renewable energy resources feature three WEPPs in Bandırma/Balıkesir, Mut/Mersin and Nilüfer/Bursa, and two solar energy plants in Çorum and Erzurum. Presented in Doğan Group’s consolidated financial results as the operating activities of "Electricity Production and Trade", Galata Wind Enerji A.Ş produces 750,000 MW annually with a total of 269 MW installed power capacity, while reducing annual carbon emissions by around 400,000 tons.
The 2021 objectives of Galata Wind Enerji A.Ş. comprise domestic and global growth with new renewable energy projects as well as creation of high-value-added, new areas of business through distributed and alternative energy technologies. Galata Wind Enerji A.Ş. operates in the renewable energy industry whose investment share has been prevailing over fossil resources, both in Turkey and worldwide. The company also contributes to mitigating Turkey’s dependence on external energy sources.
In a statement on the subject, Galata Wind Enerji A.Ş. Chairperson and CEO Burak Kuyan noted that the Paris Agreement adopted in 2015 at the COP 21 in Paris to take effect from 2020 reshaped the global economy and added: “As part of the fight against global climate change, adoption of low-carbon or zero-carbon investments has gained momentum. With reduced costs of nature-friendly solar and wind power investments, these resources have emerged as better options than fossil fuels. We, at Doğan Enerji Group, aim for growth in the nature-friendly, promising clean energy industry. A subsidiary of a Group that grows with new investments, and a 100% renewable energy company, Galata Wind Enerji A.Ş. is also a stakeholder of the sustainable energy transformation in the world and in Turkey alike. We are excited to apply for an initial public offering to the CMB in an attempt to involve more stakeholders in this transformation and empower the transformation with a more solid corporate structure.”