South Korean Hanwha sells its Turkish assets
South Korea’s largest group, Hanwha, whose assets top $160 billion and turnover $56 billion, has entered a successive sales process in Turkey. The group, which secured a solar energy project with the Kalyon Group and then transferred its shares in the $1.3-billion facility in Ankara, is now selling 18 more companies, including Aceka Tourism with capital of TRY 4.9 million and Bilgidar Iletisim worth TRY 3 billion.
The sales mark the end of a 5-year investment run in Turkey which began in May 2014 after it opened its first company in Istanbul. The initial sale involved off-loading its shares in the YEKA project to the Kalyon Group but
encompasses every asset it owns in Turkey: Aceka Tourism, Altaylar Altyapi ve Malzeme, Bilgidar Iletisim, Buselik Energy, Dimetoka Energy, Eflak Energy, Greenland Altyapi ve malzeme, Hazar Altyapi, Hersek Energy, Isfahan Energy, Kanije Energy, Kartal Altyapi ve Malzeme, Kent Altyapi, Lisola Electricity Generation, Onan Energy Generation, Segah Energy, Turaneli Energy and Yama Energy. Almost all of these 18 companies, in which Hanwha owns a 100 percent stake, operate in the field of solar energy. The South Korean giant will sell all the companies to two families from Adiyaman, the Guclus and Turanlis.
Outside of Aceka and Bilgidar, most of these companies are rather small, with capital of about TRY 50,000 each.
Billion dollar entrance into the market
The groundbreaking ceremony of Hanwha’s Ankara facility was held back in 2017, touted as “the first factory which will reduce Turkey’s dependence on foreign energy”. The megaproject, costing $ 1.3 billion, was launched through a partnership with the Kalyon Group. The YEKA-Photovoltaic Cell and Solar Module Factory and R&D Center were supposed to be launched at the groundbreaking ceremony, which was attended by Prime Minister Binali Yildirim.
Kalyon-Hanwha Group won the tender for Karapinar Renewable Energy Resource Area YEKA-1 Solar Power Plant (GES) in Karapınar, Konya, which is located in the Energy Specialized Industrial Zone, with a capacity of 1,000 megawatts. The project has not been completed 2 years after the tender. Then Kalyon and Hanwha decided to end the partnership and the latter took the first step to exit from Turkey by selling its shares to Kalyon Group.
Meanwhile, Turkey is working hard to finalize the multi-billion dollar Volkswagen investment. Tax reductions, purchase guarantees are among the most discussed topics. But the asset sale of the South Korean giant is barely mentioned…