Sabanci Holding Expands its Renewable Energy Portfolio within the US with the Acquisition of Oriana Solar LLC
— Mr. Kivanc Zaimler, the President of the Energy Group at Sabanci Holding
NEW YORK, UNITED STATES, October 11, 2023 /EINPresswire.com/ — Sabanci Renewables, a subsidiary of Sabanci Holding, has acquired 100 % shares of the US-based Oriana Solar, a photo voltaic vitality facility. It is a important acquisition for Sabanci Renewables, as with these two investments, the renewable vitality portfolio of Sabanci Holding within the U.S. will exceed 500 megawatts. There may be additionally a objective to double this capability in a brief time frame.
Sabanci Holding CEO Mr. Cenk Alper stated: “We imagine within the development alternatives within the US, which allowed us to broaden our vitality investments as a continuation of our earlier investments. We had already invested within the industrial and constructing supplies sector, and the success in these sectors led us to widen our investments, now within the renewable area.”
Mr. Kivanc Zaimler, the President of the Energy Group at Sabanci Holding added: “This acquisition exhibits our dedication to proudly owning and working a large, worldwide clear vitality portfolio. As Sabanci Group, we instantly plan to signal the engineering, procurement and building (EPC) contract for this energy plant funding. The funding is predicted to begin in 2023 and be commissioned within the second quarter of 2025.”
Oriana Solar LLC holds the license for a 232 MW solar energy plant and a 60 MW vitality storage facility within the state of Texas. The 272 MW Cutlass II solar energy plant funding, which Sabanci Group introduced final 12 months continues its building work in Texas. And it is going to be commissioned within the second quarter of 2024.
The Energy Group President Kivanc Zaimler added: “A part of our development technique in vitality and local weather applied sciences is to broaden our renewable vitality portfolio within the aggressive markets overseas. On this regard, we introduced our first photo voltaic vitality funding within the USA final 12 months. Whereas we proceed the development processes of our 272 MW Cutlass II energy plant, we are going to additional strengthen our presence within the area with Oriana Solar LLC, with whom we signed right now. Then again, our investments within the USA are usually not restricted to manufacturing solely. As we shift our strategic path from ‘conventional’ applied sciences to ‘disruptive’ applied sciences, we goal to steer the world’s vitality transition with early stage investments in revolutionary concepts. On this context, we invested in a complete of 4 totally different funds and start-ups primarily based within the US. Our final objective is to be among the many builders of those disruptive applied sciences within the vitality sector globally”.
About Sabanci Group’s Energy Investments: As an industrial and monetary conglomerate headquartered in Türkiye, Sabanci Holding manages probably the most diversified energy era portfolio within the nation, poised to achieve 5000 MWs, alongside the electrical energy distribution enterprise serving 22 million folks. Being the main vitality investor in Türkiye, Sabanci embodies a sustainability-focused development technique as they appear to broaden their portfolio with photo voltaic and wind initiatives, sustaining 100% dedication to renewable know-how in new energy plant investments. With a worldwide imaginative and prescient, Sabanci Holding doesn’t stay detached to the massive market and development potential within the USA. Solar, wind, and storage applied sciences are invested primarily to hold the power and competencies in Türkiye to the worldwide area. With the preliminary funding of a 272 MW photo voltaic plant in Texas, Sabanci is concentrating on to achieve a renewable vitality portfolio of 1000 MWs within the USA. Along with its give attention to renewables, Sabanci additionally invests in disruptive vitality and local weather applied sciences. By means of investments in enterprise capital funds in addition to two of the world’s main start-ups originating from MIT, Commonwealth Fusion Techniques specializing in fusion vitality and Quaise Energy on deep geothermal drilling, Sabanci types a powerful hyperlink between the rising and developed markets. For extra info, go to the web site at https://www.sabanci.com/en
Melike Ayan
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