Rönesans Brings New Life to Dutch Ballast Nedam
Rönesans has revitalised Ballast Nedam, a 150-year-old construction firm acquired in 2015, restoring its former prominence. Ballast Nedam's portfolio reached EUR 2.9 billion in 2024, comprising major projects such as the renovation of Europe's iconic Johan Cruijff Arena and the expansion of the European Investment Bank's headquarters, which contributed 40% of Rönesans' total revenue.Representing Türkiye's contracting sector internationally, Rönesans Holding acquired Ballast Nedam, a well-established Dutch construction company with a 150-year history, in 2015. At the time of acquisition, Ballast Nedam was facing severe financial difficulties and losses from its projects. However, strategic management and operational restructuring by Rönesans Holding turned Ballast Nedam profitable within three years.
As of 2024, Ballast Nedam has reached a project portfolio size of EUR 2.9 billion across infrastructure, superstructure and industrial projects, and generated EUR 1.2 billion in revenue. Now accounting for 40% of Rönesans Holding's consolidated turnover, the company has become a key part of the group. Through projects such as Rijnkade Arnhem, Ballast Nedam is helping to prevent flooding in the Netherlands, while also addressing the country's annual need for 100,000 homes with modular construction solutions and building land-based wind turbines over water.
Ballast Nedam, one of the original developers of Europe's iconic Johan Cruijff Arena, recently renovated the stadium sustainably and is now preparing to expand the European Investment Bank's headquarters in Luxembourg, adding another prominent European landmark to its portfolio.
Reborn and Profitable in Three Years
İpek Ilıcak Kayaalp, Chair of the Board of Directors of Rönesans Holding, stated that Rönesans ranks among the top companies in Europe and holds a leading position in Türkiye, saying: “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 is a long-established construction company with roots dating back to the 1870s, ranking among the top ten construction firms in the Netherlands. 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 interfere with its core, but we transferred senior management from our operations in other countries and subsidiaries who were already aligned with the Rönesans culture.While preserving the existing teams at Ballast Nedam, we restructured the company and turned it into a profitable business within three years.”
Modular Construction Capacity Doubled in Two Years
Ballast Nedam CEO Kemal Sağlam stated that the company specialises in sustainable projects across infrastructure, buildings, hospitals, data and logistics centres, as well as industrial facilities, and water-related works. Providing insight into Ballast Nedam's modular construction factory 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 the amount. We have doubled our modular construction capacity in just two years. At Rönesans, we offer faster, more sustainable, and more economical solutions to meet the Netherlands' annual housing requirement of 100,000 units through the use of modular building. With the Waldorp Four project in The Hague, which stands out with its 70-metre height and 1,171 residential units, we are delivering not only the largest modular housing project in the Netherlands but also one of the largest in Europe.”
Land-Based Wind Turbines Built Over Water
Kemal Sağlam noted that Ballast Nedam has also made its mark on wind energy in the Netherlands, highlighting the Windplanblauw project as a highly original and innovative renewable energy initiative. He explained: “In the Flevoland region, 28 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 higher than it was before. This has made a substantial contribution to meeting the region's electricity needs. Developed along the shores of Lake IJsselmeer, Windplanblauw is a pioneering project that stands out for its environmentally sensitive approach and the construction of land-based wind turbines over water.
“We created artificial islets in shallow water and installed the land-based turbines on these islets. This allowed us to offer a more cost-effective solution compared to offshore turbines, which was very well received by investors. Completed in 3.5 years, this large-scale energy investment has pushed the boundaries of engineering while respecting the ecosystem, drawing attention not only in the Netherlands but across the world."
Immersed Tunnel Technology Attracts Global Attention
Kemal Sağlam explained that Ballast Nedam has a long-standing history in tunnel construction, having played a role in the construction of more than 40 tunnels across the Netherlands. He noted that they used immersed tunnel technology in the Maasdeltatunnel project, and that the Blankenburg connection in Rotterdam links this immersed tunnel with others. Providing further details, he said: “The Maasdeltatunnel under the Scheur River is an immersed tunnel made up of two tunnel elements measuring 185 and 205 metres in length, 40 metres in width and 7 metres in height. In the Scheur River, which is affected by tidal flows, we joined the two tunnel elements at a depth of 30 metres. Tunnel sections of this size had never been built or immersed before. This technology has attracted worldwide interest, and we aim to implement similar projects globally 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 are always monitoring potential acquisitions that will contribute to our strategic growth targets and support our sustainable expansion in Europe, especially in the Netherlands. If the right opportunities arise, we are ready to take action.”
EUR 2 Billion Investment Target with TotalEnergies
İpek Ilıcak Kayaalp 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 licences 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
Touching on 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
The hospital projects Rönesans Holding has delivered in Türkiye through the Public-Private Partnership (PPP) model are now being taken 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 represent a pioneer in this field. Now, we want to take our expertise to other countries. 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