RES completes sale of Elmacik wind project and enters into 140MW asset management agreement with local investor

İstanbul, 1 November 2024 – RES, the world’s largest independent renewable energy company, today announced the successful sale of the Elmacik Wind Energy Project in Türkiye. Located in Kırklareli Province, this 12-turbine, 70MWe project has been acquired by a Turkish investor specialising in renewable energy and large-scale infrastructure construction, marking a significant addition to Türkiye’s renewable energy landscape. With an investment of approximately $77 million, the project is anticipated to begin commercial operation in late 2025.

RES submitted Elmacik as part of the 2017 wind capacity tenders, and after completing the permitting process, it received its operational license in September 2024. Once operational, the Elmacik will contribute approximately $80 million directly to the public sector, including $48.3 million in contribution fees over the first 10 years and $32 million in grid fees over the 25-year project lifecycle.

This partnership also establishes a broader collaboration, with RES providing analysis and optimisation services for both Elmacik and the investor’s existing 74.2MW of operational wind assets.

As a trusted leader with 40 years of expertise in renewables, RES consistently delivers superior asset performance. An independent study by DNV confirms that RES-managed assets outperform industry standards by an average of 1%, enabling RES customers to achieve greater operational efficiency and increased revenues. RES’ commitment to operational excellence was recently recognized with ISO 55001 certification, underscoring the company’s dedication to delivering long-term value for clients and advancing environmental sustainability.

Uğur Işık, General Manager of RES in Türkiye, commented: “Following a challenging development process, it is immensely satisfying to see the Elmacik project moving toward construction, with an expected capacity factor of 45%. Beyond producing clean and sustainable energy, this project will generate over $80 million in direct contributions to the public sector.”

ENDS

About RES

RES is the world’s largest independent renewable energy company active in onshore and offshore wind, solar, energy storage, transmission and distribution and green hydrogen. At the forefront of the industry for 40 years, RES has delivered more than 24GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 41GW worldwide for a large client base.  Understanding the unique needs of corporate clients, RES has secured over 1.5GW of corporate power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs over 4,500 people and is active in 24 countries. For further information about RES, visit www.res-group.com

CONTACT FOR FURTHER INFORMATION:

Sevim Kayan İnac
RES Press Office
+90 530 545 1350
 [email protected]