South Korean Han­wha sells its Turk­ish as­sets

Dünya Executive - - REPORT - KERIM ULKER

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…

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