New Investments and Developments in the Energy Business Unit
As part of Sabancı Group's strategies for new economy-oriented growth, reinforcing the global footprint and developing the technologies of the future, a new company named Sabancı İklim Teknolojileri A.Ş. was incorporated, of which Sabancı Holding is the sole and founding shareholder, to invest in renewable energy and climate technologies. Sabancı İklim Teknolojileri A.Ş. aims to undertake renewable energy power plant investments and strategic investments in various venture capital funds and start-ups, primarily in the USA and Europe.
In line with the above;
- A long-term strategic partnership between Sabancı İklim Teknolojileri A.Ş. and Safar Partners, one of the leading venture capital fund management companies in the US, has been established. With this strategic partnership, Sabancı İklim Teknolojileri A.Ş., alongside investing in various funds managed by Safar Partners, is entitled to directly invest in start-ups that are a part of Safar Partners' network. At the initial stage, investments were made in funds and start-ups aiming to provide sustainable and clean energy solutions such as Commonwealth Fusion Systems, an initiative that is capable of bringing fusion technology to life, and Quaise Energy, a company developing deep geothermal energy technologies.
- A company named Sabancı Renewables Inc. was incorporated with its headquarters in Delaware by Sabancı İklim Teknolojileri A.Ş. as the sole and founding shareholder for the purpose of creating a renewable energy portfolio in the USA. Sabancı Renewables Inc., whose shares are fully and indirectly owned by Sabancı Holding, has completed the acquisition of a project license for the establishment of a 272 MW solar power plant in the USA. An Engineering, Procurement and Construction Agreement (EPC) has been signed for the investment of power plant. The project is expected to be completed in the first half of 2024.
Further developments will be made available to public.