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Turkey’s Tupras subsidiary buys two Romanian cos for 32.9 mln euro

Jun 14, 2024, 4:24:24 PMArticle by Bogdan Todasca
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June 14 (SeeNews) - Turkish petroleum refining company Tupras Turkiye Petrol Rafinerileri said on Friday that its indirect subsidiary Enspire Enerji fully acquired two Romanian companies from UK-based Econergy International for approximately 32.9 million euro ($35.2 million).

Turkey’s Tupras subsidiary buys two Romanian cos for 32.9 mln euro
Source: pixabay.com

The two Romanian companies are Eco Sun Niculesti, with 214.26 MW of solar power under development in Romania and pending permits, and Euromec-Ciocanari, the landowner of the related projects, Tupras said in a report filed with MKK, the Central Securities Depository of the Turkish capital markets.

The deal is expected to close by January 31, 2025, pending necessary approvals from relevant competition and direct investment authorities, and the completion of project permits for construction readiness.

The buyer, fully owned by Tupras subsidiary Entek Elektrik Uretimi as of August 2021, is focused on renewable energy investments, according to information published on Entek’s website. Entek maintains electricity-generation activities in eleven power plants with an installed capacity of 492 MW across seven Turkish cities.

Ecoenergy International is a fully-owned subsidiary of Israel-registered Econergy Renewable Energy, an international independent power producer that develops, owns, and operates utility-scale renewable energy projects from origination to supply, according to a financial statement published on the parent company's website. Econergy Renewable Energy is operating and developing renewable and storage projects in the UK, Spain, Italy, Greece, Romania, and Poland.

Tupras, Turkey’s largest industrial enterprise, produces LPG, fuel oil, base oil, bitumen and other products, according to information published on its website. The company operates refineries in Izmit, Izmir, Kirikkale and Batman.

($=0.9358 euro)

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