OYAK has reached an agreement to acquire a 51% stake of Steag Power GmbH, a Germany-based company, in İSKEN. Upon completion of the official process, OYAK will fully own the İSKEN Sugözü Power Plant, which meets 2.6% of Türkiye's electricity needs, thereby strengthening its investment portfolio in the energy sector.
OYAK General Manager Süleyman Savaş Erdem emphasized the importance of owning the entire facility, which plays a significant role in Türkiye's electricity production, stating: “In light of current geopolitical developments, we prioritize growth in the energy sector. We consider this investment as a critical gain for Türkiye's energy supply security.”
OYAK, one of Türkiye's leading industrial groups, has marked a new milestone in its strategic investments in the energy sector over the past six years. By acquiring a 51% stake of Steag Power GmbH, a Germany-based company, OYAK will gain full control of the İSKEN-Sugözü Power Plant. At a time when geopolitical risks are on the rise and energy supply security is of critical importance, this move will further strengthen OYAK's investment portfolio in the energy sector. The power plant, with a capacity of 1,360 MWe, meets approximately 2.6% of Türkiye’s total electricity demand on its own.
Erdem underscored that, in an era where energy security has become a global priority due to geopolitical developments, facilities capable of stable and efficient production hold strategic importance for the country, and said, “We view the acquisition of this facility, which holds a significant share in Türkiye’s electricity production, as a critical gain for energy security in light of current geopolitical developments.”
Long-term strategic gain
Highlighting that the acquisition of İSKEN reflects OYAK’s long-term vision of creating sustainable value, Erdem said: “Energy security is now recognized worldwide as more than just an energy policy issue, it is a matter of national security. As OYAK, we act with this responsibility in mind, managing our energy investments not through a short-term, cost-focused approach, but via long-term strategic steps. The acquisition of İSKEN is a clear example of this approach. We will make İSKEN, which holds strategic importance due to its high capacity and role as a base-load plant, a 100% OYAK subsidiary. The payback period for this acquisition has been calculated at 6.5 years. This relatively short timeframe for an investment of this scale in the energy sector reflects OYAK’s financial discipline, efficient use of resources, and sound strategic decision-making.”
Strong focus on renewable energy
Erdem also emphasized OYAK’s comprehensive and strategic transformation in the renewable energy sector and said:
“As OYAK, we are not only focused on today’s energy needs but also on those of future generations. We are making investments that prioritize environmental sustainability. Our solar energy projects, which will reach a total installed capacity of 2,200 MWp across 25 different locations in 14 provinces, are progressing rapidly. All projects are targeted to be fully operational by the end of 2028. These investments were initially designed to meet the energy needs of OYAK companies. Our goal is to ensure a sustainable energy supply while optimizing energy costs. Once completed, our annual production capacity will reach approximately 3.5 million MWh. This will not only meet internal energy demands but also reduce carbon emissions, creating concrete environmental benefits aligned with Türkiye’s green transformation goals. With a responsible growth mindset, we will continue to work toward a climate-positive future.”
Operational efficiency to increase
Yüksel Yılmaz, Chairman of the Board of Directors of OYAK Energy Sector Companies, also noted that OYAK’s energy-related activities, including sustainable energy investments, have steadily grown in recent years. Yılmaz said, “Thanks to its uninterrupted and stable production capacity, İSKEN is one of the key power plants supporting Türkiye’s base load electricity supply. As OYAK, by consolidating the partnership structure in İSKEN, a major energy source for its region, we have increased our operational efficiency, decision-making flexibility, and long-term planning capabilities.”
Produces 9 billion kWh of electricity annually
With an installed capacity of 1,360 MW, the İSKEN-Sugözü Power Plant produces approximately 9 billion kWh of electricity annually. As a key socio-economic contributor in the Çukurova region, the plant supports industry and employment while playing a steady role in Türkiye’s electricity supply security.
İSKEN has also launched multiple renewable energy initiatives as part of its energy transition strategy. Within this framework, the SUGES solar power plant, with an installed capacity of 21.12 MWp, has been commissioned as an auxiliary energy source. The necessary preliminary approval processes to expand SUGES up to 57 MWp have been completed, and project development is ongoing.
