Rönesans Holding Focuses on Infrastructure and Energy Projects in Europe with Ballast Nedam
Rönesans revitalised Ballast Nedam, a 150-year-old construction company it acquired in 2015. Known for its sustainable construction projects, Ballast Nedam reached a project portfolio of EUR 2.9 billion in 2024. Its contribution to Rönesans Holding’s turnover increased to 40%.With over 35,000 employees, Rönesans Holding operates in more than 30 countries. Through multinational partnerships with companies such as IFC, Meridiam, Samsung C&T and TotalEnergies, the group continues to expand globally. Ballast Nedam, now active in infrastructure, superstructure and industrial projects, generated EUR 1.2 billion in revenue in 2024 and currently accounts for 40% of Rönesans Holding’s consolidated turnover.
İpek Ilıcak Kayaalp, Chair of the Board of Directors of Rönesans Holding, noted that Ballast Nedam dates back to the 1870s and ranks among the top ten construction firms in the Netherlands. “When we acquired Ballast Nedam, it was in financial distress and had suffered losses on multiple projects. After the acquisition, we first delisted the company and introduced the Rönesans approach. We did not interfere with its core, but we transferred senior management from our operations in other countries and subsidiaries that were already aligned with the Rönesans culture. We preserved the existing team, restructured the company, and made it profitable within three years,” she explained.
Ballast Nedam CEO Kemal Sağlam stated that the company has specialised in sustainable infrastructure, buildings, hospitals, data and logistics centres, industrial facilities, and water projects. Speaking about the modular construction factory in Wognum, he said: “Modular construction enables us to complete projects up to 50% faster and with lower carbon emissions compared to traditional methods, significantly reducing time spent on site. Waste generation is extremely low, around one-tenth that of conventional construction methods. We have doubled our modular construction capacity in just two years.
At Rönesans, we are delivering faster, more sustainable and more economical solutions to meet the Netherlands’ annual housing need of 100,000 units. With our Waldorp Four project in The Hague, which features a height of 70 metres 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.”
Commenting on Ballast Nedam’s role in renewable energy, Sağlam highlighted the Windplanblauw project as an example of its innovative approach. “In the Flevoland region, we dismantled 28 old turbines and installed 24 new, technologically advanced turbines using a unique cofferdam structure that combines land and sea foundations. Although the number of turbines was reduced, green energy output increased significantly, contributing meaningfully to the regional electricity supply.
Built along the shores of Lake IJsselmeer, Windplanblauw is a pioneering and environmentally sensitive project that employed the construction of land-based wind turbines over water. We created artificial islets in shallow water and placed the turbines on top of them, offering a lower-cost alternative to offshore turbines. Investors welcomed this approach. Completed in 3.5 years, the project pushes the boundaries of engineering while respecting the ecosystem and has attracted attention far beyond the Netherlands.”
Kemal Sağlam explained that tunnel construction has a long history at Ballast Nedam, which has been involved in more than 40 tunnels in the Netherlands.
He noted that immersed tunnel technology was used in the Maasdeltatunnel project and that the Blankenburg connection in Rotterdam combines this immersed tunnel with other tunnel sections. He shared the following details about the projects: “The Maasdeltatunnel under the Scheur River is an immersed tunnel consisting of two tunnel elements measuring 185 and 205 metres in length, 40 metres in width, and 7 metres in height. We connected these elements at a depth of 30 metres in a tidal environment. Tunnel elements of this size had never been constructed or immersed before. This technology has attracted global interest, and we aim to implement similar projects internationally in the near future.”
İpek Ilıcak Kayaalp added: “Rönesans is a global Turkish company with operations and investments in 30 countries. Today, the majority of our revenue is generated abroad. We have earned EUR 40 billion from international operations and reinvested this capital in Türkiye. In Türkiye, we have delivered USD 8 billion worth of investments, together with our partners, across healthcare, energy, construction, and real estate. Our goal is to increase this to EUR 12 billion within five years.”
She also emphasised that Rönesans Holding constantly monitors new acquisition opportunities that can support its strategic growth targets and sustainable expansion in Europe, particularly in the Netherlands. “If suitable opportunities arise, we are ready to take action,” she said.
İpek Ilıcak Kayaalp also discussed the contribution of the USD 2 billion Polypropylene (PP) Production Facility and Terminal Project in Ceyhan to the national economy. “Our Ceyhan Polypropylene project is a strategic investment that will reduce Türkiye’s external dependence and directly contribute USD 300 million annually towards closing the current account deficit. Ballast Nedam is responsible for the project’s engineering, procurement and construction (EPC) work,” she said.
Ilıcak Kayaalp outlined the group’s energy strategy and partnership with TotalEnergies: “In 2023, we sold 50% of our energy portfolio to TotalEnergies. Our goal is to achieve 2,000 MW of 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 capacity and plan to reach 500 MW by the end of this year. Over the next three years, we will continue with further investments and acquisitions to achieve the remaining 1,500 MW. We already have licences for 500 MW, including the Kırklareli and SibelRes extension, and we will participate in offshore tenders for the remaining 1,000 MW.”
Ilıcak Kayaalp also noted that the hospital projects delivered in Türkiye through the Public-Private Partnership (PPP) model are now expanding internationally. “To date, we have served 85 million people and are currently providing services to 50,000 people daily. We are pioneers in this field. Now, we aim to take our expertise abroad. The first example will be in Kazakhstan, where we secured EUR 456 million in financing for a 630-bed hospital. It will be the first PPP healthcare project in Central Asia.”
Source: Burak Karagöz / Bloomberg HT