Rönesans Brings New Life to Dutch Ballast Nedam
In 2015, Rönesans Holding acquired Ballast Nedam, a company with more than 150 years of history in the Netherlands. At the time, Ballast Nedam was experiencing financial challenges and project losses. Through strategic management and operational restructuring, Rönesans Holding successfully restored Ballast Nedam to profitability within three years.By 2024, Ballast Nedam’s project portfolio had grown to EUR 2.9 billion spanning infrastructure, superstructure and industrial projects, and generated EUR 1.2 billion in revenue. The company now accounts for 40% of Rönesans Holding's consolidated turnover and has become an integral part of the group. Through projects such as Rijnkade Arnhem, Ballast Nedam is helping to prevent flooding in the Netherlands, while also meeting the country's annual need for 100,000 new homes with modular construction and pioneering the construction of land-based wind turbines over water.
Ballast Nedam, one of the original developers of the iconic Johan Cruijff Arena, recently completed a sustainable renovation of the stadium and is now preparing to expand the European Investment Bank's headquarters in Luxembourg, adding yet another prominent landmark to its portfolio.
Reborn and Profitable in Three Years
İpek Ilıcak Kayaalp, Chair of the Board of Directors of Rönesans Holding, noted that the group is among Europe’s top companies and a leader in Türkiye. She said: “We operate in more than 30 countries around the world and have over 35,000 employees. Our multinational partners include IFC, Meridiam, Samsung C&T, and TotalEnergies.”Ballast Nedam, established in the 1870s, is one of the Netherlands top ten construction firms. Ilıcak Kayaalp explained: “When we acquired Ballast Nedam, it was a company facing serious financial difficulties, incurring significant losses on many of its projects. After the acquisition, we first delisted the company and then introduced the Rönesans approach. We did not alter the company’s core operations; instead, we brought in senior management from our other countries and subsidiaries, all of which were already aligned with the Rönesans culture. We maintained the existing team, restructured the organisation, and successfully made it profitable within three years.”
Modular Construction Capacity Doubled in Two Years
Kemal Sağlam, CEO of Ballast Nedam stated that the company specialises in sustainable projects across infrastructure, buildings, hospitals, data and logistics centres, as well as industrial facilities, and waterworks. Discussing Ballast Nedam’s modular construction plant in Wognum, Sağlam said: “Modular construction allows us to complete projects up to 50% faster and with lower carbon emissions compared to traditional methods, significantly reducing the time spent on site. Compared to traditional construction methods, modular construction generates significantly less waste, with approximately one-tenth of the amount. We have doubled our modular construction capacity in just two years. At Rönesans, we provide faster, more sustainable, and cost-effective solutions to help meet the Netherlands’ annual housing demand of 100,000 units through modular building techniques. The Waldorp Four project in The Hague, notable for its 70-metre height and 1,171 residential units, represents not only the largest modular housing development in the Netherlands but also one of the largest in Europe.”
Land-Based Wind Turbines Built Over Water
Sağlam also highlighted Ballast Nedam’s innovative work in wind energy in the Netherlands, particularly the Windplanblauw project, -a highly original and innovative renewable energy initiative. He explained: “In the Flevoland region, 28-year-old wind turbines were dismantled and replaced with 24 new, technologically advanced turbines, built using a unique cofferdam structure that combines both land and sea foundations.”Although the number of turbines has been reduced, the amount of green energy generated today is significantly greater than before, making a substantial contribution to the region’s electricity needs. Developed along the shores of Lake IJsselmeer, Windplanblauw is a pioneering project renowned for its environmentally sensitive approach and innovative construction of land-based wind turbines over water.
“We created artificial islets in shallow water and installed land-based turbines on these islets. This approach enabled us to provide a more cost-effective solution compared to offshore turbines, which was highly appreciated by investors. Completed in just 3.5 years, this large-scale energy project has pushed engineering boundaries while preserving the ecosystem, garnering attention both in the Netherlands and internationally.
Immersed Tunnel Technology Attracts Global Attention
Sağlam also explained that Ballast Nedam has a long history in tunnel construction, having contributed to more than 40 tunnels across the Netherlands. He explained that immersed tunnel technology was used in the Maasdeltatunnel project, with the Blankenburg connection in Rotterdam linking this tunnel to other sections. Providing further detail, he said: “The Maasdeltatunnel beneath the Scheur River is an immersed tunnel consisting of two elements measuring 185 and 205 metres in length, 40 metres in width, and 7 metres in height. These elements were joined at a depth of 30 metres in the tidal waters of the Scheur River. Tunnel sections of this scale had never been constructed or immersed before. This groundbreaking technology has drawn global attention, and we aim to replicate similar projects internationally in the near future.”
We Will Increase Our Investments in Türkiye to EUR 12 Billion
İpek Ilıcak Kayaalp stated, “We are a global Turkish company with operations and investments in 30 countries. Today, the majority of our revenue comes from abroad. We have generated EUR 40 billion from our international activities and reinvested that capital in our home country. So far, we have realised USD 8 billion worth of investments in Türkiye across various sectors, including healthcare, energy, construction, and real estate, together with our partners. Our goal is to increase this to EUR 12 billion within five years.”She added: “At Rönesans Holding, we continuously monitor acquisition opportunities that align with our strategic growth objectives and support sustainable expansion across Europe, particularly in the Netherlands. When the right opportunities arise, we are prepared to take decisive action.”
EUR 2 Billion Investment Target with TotalEnergies
İpek Ilıcak Kayaalp also outlined Rönesans Holding's strategic goals in the energy sector, highlighting the partnership with TotalEnergies: “In 2023, we formed a partnership with TotalEnergies and sold 50% of our energy portfolio. Through this partnership, we aim to reach a total of 2,000 MW in renewable installed capacity and invest approximately EUR 2 billion over the next five years. Within the first 1.5 years of the partnership, we have exceeded 300 MW in installed capacity and plan to reach 500 MW by the end of this year. Over the next three years, we will continue our investments and acquisitions to achieve the remaining 1,500 MW. We already hold licenses for 500 MW (Kırklareli and the SibelRes extension), and we plan to participate in offshore tenders for the remaining 1,000 MW.”
USD 2 Billion PP Project in Ceyhan
Discussing the economic contribution of the USD 2 billion Polypropylene (PP) Production Facility and Terminal Project in Ceyhan, Ilıcak Kayaalp said: “Our Ceyhan Polypropylene project is a strategic investment that will reduce Türkiye's dependence on imports and contribute USD 300 million annually to closing the current account deficit. Ballast Nedam is undertaking the engineering, procurement and construction (EPC) works for this project.”
A Hospital Project in Kazakhstan
Rönesans Holding is now taking its experience with hospital projects in Türkiye, delivered through the Public-Private Partnership (PPP) model, to the international stage. Ilıcak Kayaalp stated: “To date, we have served 85 million people and currently provide services to 50,000 people daily. We are a pioneer in this field, and now we’re ready to bring our expertise to international markets. The first example will be in Kazakhstan, where we have secured EUR 456 million in financing for a 630-bed hospital. It will be the first PPP project in the healthcare sector in Central Asia.”Source: Jülide Yiğittürk Gürdamar / Dünya Gazetesi