Securing of Financing for Cutlass Solar II Project of Sabanci Renewables Inc.

On November 14, 2023, the financing of the 272 MW Cutlass II solar power plant project of Sabanci Renewables Inc., an indirect wholly-owned subsidiary of Sabancı Holding through Sabancı İklim Teknolojileri A.Ş., has been secured upon signing of the agreements with the Tax Equity Investor*. The investment is projected to be completed in the second quarter of 2024 as previously disclosed to public via announcements dated October 11, 2022, September 25, 2023 and October 4, 2023.

The share of capital provided by Sabancı Renewables Inc. in the project is circa at 30%, while the ratio of external financing provided by the credit institutions and Tax Equity Investor is approximately 70%, together with the signing of the agreements.

In addition, renewable energy investments are continued within the scope of the Oriana project in the USA, which was previously announced to public, by utilization of all kinds of financial instruments and incentives. Further developments related to the projects will be disclosed to public.

* The Inflation Reduction Act (IRA), which regulates Tax Equity investments, provides financing and tax incentives to US-based organizations that meet various criteria to encourage the reduction of carbon emissions and support renewable energy investments.