Zorlu Energy turns its long-term cooperation with Wren House Infrastructure LP (WH), a direct subsidiary of Kuwait Investment Authority (KIA), into a partnership.
As part of Zorlu Energy’s strategy of creating new financial resources and long-term borrowing, the company aims to strengthen its foreign capital and expand its investments by making various agreements with WH and KIA.
Within the scope of the agreements, Zorlu Energy’s electric vehicle charging station and energy efficiency investments realized so far and in the future will be managed under the new company to be established abroad.
According to the statement, WH will hold the majority share (50+1 percent) of the new company to support the ongoing growth and globalization process with the ZES and electrip brands.
BECOME A MINORITY SHAREHOLDER
Zorlu Enerji’s CEO Sinan Ak and CFO Elif Yener will assume the same duties in the newly established company. Following the establishment of the company, Nicola De Sanctis will join the Board of Directors as Chairman and Gab Barbaro will join the Board of Directors to support the growth of the company in Europe.
In addition, as a result of the sale of Zorlu Enerji Elektrik Üretim AŞ (Zorlu Enerji) shares held by Zorlu Holding, WH will become a minority shareholder with a 12.34 percent share.
With the agreements made to strengthen Zorlu Energy’s balance sheet and financial position, it is aimed to reduce the company’s foreign currency debt risk and to extend the repayment term. In this context, the remaining balance from the loan agreement will be due until 2028.
‘WE WILL CONTINUE INVESTING ABROAD’
Regarding the agreements signed to strengthen the company’s financial infrastructure, Zorlu Energy’s CEO Sinan Ak said, “We started our electric vehicle charging station investments in 2018. We set out on a journey with the aim of spreading the knowledge and experience we gained here abroad.”
Noting that they have established companies in Eastern and Western Europe, Ak said, “We will continue to invest in Europe and the United States. We have started to build our teams for this purpose. We will strategically continue on our way with our new brand ‘electrip’ abroad and our brand ‘ZES’ in Turkey. “We want to be a growing company not only in the charging station business, but also in the energy efficiency lane.”