Rönesans Holding Plans to Bid in Türkiye’s Offshore Wind Power Tenders
İpek Ilıcak Kayaalp, Chair of the Board of Directors of Rönesans Holding, announced that the company plans to participate in Türkiye’s upcoming offshore wind power tenders, aiming to develop new projects along the country’s coastline as part of its strategy to expand its renewable energy portfolio.
Speaking to a group of journalists in Amsterdam, where she shared updates on the activities of Rönesans Holding and its key subsidiary Ballast Nedam, Ilıcak Kayaalp emphasised Türkiye’s vast renewable energy potential: “We are undergoing a portfolio transformation. Our partnership with TotalEnergies is a core part of this strategy. In 2023, we sold 50% of our energy portfolio to TotalEnergies. Our goal is to grow further in this field,” she said.
EUR 2 Billion Investment in Renewable Energy
Highlighting Rönesans’ strategy for growth in renewable energy, Ilıcak Kayaalp said the company aim to reach 2,000 megawatts of installed capacity within five years, with plans to invest EUR 2 billion, in order to become a leading player in Türkiye’s renewable energy sector. Through its partnership with TotalEnergies, Rönesans is approaching 500 megawatts of installed capacity. Ilıcak Kayaalp noted that over the next three years, they will continue to invest in and acquire projects to reach the remaining 1,500 megawatts of capacity. “We are planning 1,000 megawatts of investment in 2027 and 2028. We are closely monitoring opportunities such as hybrid wind and solar projects with storage, RERA tenders, operational plants, and floating solar projects,” she said.Ilıcak Kayaalp underlined that offshore wind projects in Türkiye will play a crucial role in reaching this goal. “We are currently the fastest-growing company in Türkiye’s energy sector. Our ambition is to become one of the country’s top three green energy companies,” she added.
Industry representatives indicate that technical studies are currently underway in the Sea of Marmara and other potential sites, with construction on the first project expected to commence in 2030. Each 1,000-megawatt offshore wind installation is estimated to require EUR 3 to 4 billion in investment.
Ilıcak Kayaalp: We Will Invest USD 5 Billion in Türkiye in Five Years
Ilıcak Kayaalp noted that Rönesans Holding currently operates in 30 countries and generates the majority of its revenue from international markets. “We have generated EUR 40 billion from our international operations to date. In Türkiye, we have realised USD 8 billion worth of investments together with our partners across various sectors, including healthcare, energy, construction, and real estate. Our goal is to increase this to EUR 12 billion within the next five years,” she said. Ilıcak Kayaalp also underscored the critical role of the group’s international collaborations in securing financing. “Thanks to our foreign partners, we are able to secure more affordable financing for our projects,” she added.She noted that while construction currently makes up 60% of the group’s business, this share is expected to drop to 40% as investments in energy and data centers grow.
In the area of Public-Private Partnership (PPP) projects, Ilıcak Kayaalp stated that Rönesans currently holds a strong presence in Türkiye operating six hospitals and a total bed capacity of 9,000, representing a 33% market share.
Ilıcak Kayaalp: A Once-Loss-Making Company Now Accounts for 40% of Our Turnover
İpek Ilıcak Kayaalp, explained that Ballast Nedam, the company’s Dutch subsidiary, became profitable shortly after the acquisition. “In 2014, we acquired Heitkamp, a long-established German construction company, and in 2015, we acquired Ballast Nedam, a Dutch company with a history of more than 150 years, known for its expertise in infrastructure, superstructure and industrial projects. At the time of acquisition, Ballast Nedam was in financial difficulty and incurring substantial losses across several projects. We restructured the company and achieved profitability within three years. In particular, 2024 was a year in which Ballast Nedam stood out, both for its sustainability approach and strong financial performance. With EUR 1.2 billion in revenue, Ballast Nedam currently accounts for approximately 40% of Rönesans Holding’s annual turnover,” she said.
Ilıcak Kayaalp: We May Pursue New Acquisitions in Europe
İpek Ilıcak Kayaalp also highlighted that Ballast Nedam is now financially robust and continues to deliver major projects not only in Europe but also in the Caribbean, Sri Lanka and Guinea. “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,” she said.Source: Emre Eser/ CNBC-e