Aksa Energy met with investors and analysts at the 2026 Analyst Meeting organized with the participation of its senior management. At the meeting, the company's new investment period, its growth program in Africa and Central Asia, its financial performance and targets with its storage renewable energy investments in Turkey were shared.
Defining 2026 as the "year of transition to commercial operation", Aksa Energy commissioned the 264 MW capacity Kızılorda Power Plant in Kazakhstan, increasing its total installed power in Central Asia to 1,484 MW. The company completed the combined cycle conversion of the first phase of the Ghana Kumasi Power Plant in Africa, with an installed capacity of 179 MW. In Turkey, the 58 MW capacity Gaziantep Pamuk Storage Solar Power Plant and the 50 MW capacity Şanlıurfa RASA Detached Electricity Storage Facility were put into commercial operation. While Aksa Energy is preparing to commission its Senegal and Gabon investments by the end of the year, it continues to expand its storage renewable energy portfolio in Turkey with new projects.
Speaking at the meeting, Aksa Energy Chairman Cemil Kazancı said in his statement: "Today, Aksa Energy continues to grow with an installed capacity of 3,700 MW, a presence in 8 countries and 15 power plants. Behind this scale, we have more than 30 years of energy sector experience. We operate in a wide geography extending from Turkey and Northern Cyprus to Central Asia and Africa; in a very challenging period where geopolitical developments, energy supply security, commodity prices and financing conditions directly affect our sector.
Recently, we have closely experienced the effects of the developments in the Strait of Hormuz and the Red Sea line on our logistics processes. In Aksa Energy's 30-year journey, we have gone through many different periods, including economic fluctuations, pandemics and supply chain crises; But the only thing that did not change was our will to grow. "Today, we continue our investments with the same determination," he said.
1.7 BILLION DOLLAR INVESTMENT
Aksa Energy CEO and Chairman of the Executive Board Naci Ağbal said the following in his evaluation of the company's new growth period:
"In the last three years, we have demonstrated our growth strategy with concrete investments. In the 2024-2026 period, we carried out a total of 15 investment projects, 8 of which are thermal and 7 of which are renewable with storage, while making an investment of 1.7 billion US dollars. 2026 was an important year when our investments came into play and our growth targets were realized. While we are commissioning our investments, we are taking new growth steps. We will open our 119 MW power plant in Burkina Faso in 2027." The 825 MW capacity Takoradi Power Plant, which we will put into operation in Ghana, will be one of our largest investments to date.
In the coming period, we will continue our growth not only through increased installed capacity but also with a balanced portfolio approach that strengthens the predictable income structure. In this regard, 1,500 MW of the approximately 2,500 MW capacity increase we have planned will come from income-guaranteed projects abroad, and 1,000 MW will come from our YEKDEM-supported renewable energy investments in Turkey. With the completion of this investment program, we aim to increase our installed capacity to 6,200 MW in 2029 and increase our EBITDA by 4 times to 841 million US dollars in 5 years. We also plan to distribute dividends from the net profit of 2027. “We achieve this growth with a sustainable value model supported by disciplined capital management and operational excellence.”
Aksa Energy added the 825 MW capacity Takoradi Natural Gas Combined Cycle Power Plant to its investment portfolio as the next step of its growth in Ghana. The project, which will be one of the company's largest investments to date, is based on a 20-year US dollar-based guaranteed energy sales agreement. With the completion of Takoradi, Aksa Energy's total installed power in Ghana will reach 1,545 MW, and with the contribution of investments in Senegal, Gabon and Burkina Faso, its total installed power in Africa will reach 2,240 MW.
1,000 MW GROWTH IN STORED RENEWABLE ENERGY
Aksa Energy, which has implemented a storage renewable energy portfolio of approximately 1,000 MW in Turkey, put its first investments in this field into commercial operation in 2026. Gaziantep Pamuk Storage Solar Power Plant, with a capacity of 58 MW, was the company's first storage renewable energy investment to become operational; An important first was achieved in the field of detached storage in Turkey with the Şanlıurfa RASA Detached Electricity Storage Facility with a capacity of 50 MW. Aksa Energy continues to expand its storage renewable energy investments with its projects in Kırşehir, Mersin, Kayseri and Manisa.
With the contribution of ongoing investments, the company will increase the weight of renewable energy in its production portfolio to approximately 20 percent.
EBITDA MARGIN IS AT HISTORICAL LEVEL
While Aksa Energy achieved approximately 20 billion TL turnover, 7.3 billion TL EBITDA and 1.2 billion TL net profit in the first half of 2026, it increased its EBITDA margin to a historical high level of 36 percent. With the completion of the investment cycle, the company aims to reach 841 million USD EBITDA and 42 percent EBITDA margin in 2029, and to reduce the Net Debt/EBITDA ratio to 1.7.
