Valued Partners,
2024 will be remembered as a year when the global economy was reshaped, financial stability was tested, and the energy transformation gained momentum. Throughout history, energy has always been at the centre of humanity’s development, standing out as one of the most crucial factors influencing social welfare and economic growth. Today, during this transformation, renewable energy is not merely an alternative; it has become the cornerstone of the future energy ecosystem.
The world economy faces significant challenges due to global economic instability, rising geopolitical risks, weaknesses in supply chains, and energy security concerns. In 2023, global growth exceeded 3%, but macroeconomic disparities among nations became more apparent. The U.S. experienced better-than-expected growth, supported by a strong labour market and resilient consumer spending. Meanwhile, European nations encountered economic struggles, facing downturns in the manufacturing sector and decreasing demand.
The escalating tensions in the Middle East have raised risks in regions vital to energy supply security, dampened global risk appetite, and resulted in greater energy price volatility. The Chinese economy, despite facing a growth slowdown, has displayed signs of recovery in certain sectors. While the European Central Bank has reduced interest rates after a lengthy pause, the US Federal Reserve (FED) has delayed its interest rate reduction cycle until mid-year and has initiated a gradual process of interest rate reductions starting in September 2024.
In light of these developments, the IMF and OECD have set their global growth forecasts for 2024 at 3.2%, expecting this rate to rise to 3.3% in 2025. Turkey has achieved a growth rate of 3.2% through strong economic policies, investment incentives, and financial stability measures, establishing itself as one of the resilient economies. Decisive steps have been taken in the battle against inflation, and by the end of the year, inflation had decreased to 44.38%, marking a critical threshold in the economic balancing process.
However, despite economic uncertainties, 2024 became a pivotal year for the transition to renewable energy. Globally, nations have increased their investments in renewable energy to lower carbon emissions, improve energy security, and develop more sustainable strategies to combat climate change.
In the wake of the European Green Deal and COP28, energy policies have evolved, speeding up the shift from fossil fuels to renewable sources, as governments and businesses focus on initiatives designed to reduce their carbon footprints.
Enda Energy: The Architect of a Sustainable Future
Enda Energy Holding envisions a future where we meet current energy demands while ensuring a cleaner, more sustainable planet for future generations. Our commitment is to lead the transformation of the renewable energy sector rather than simply being an energy producer.
As of 2024, with our 100% renewable energy portfolio and a total installed capacity of 189.12 MWe, we demonstrate our respect for nature in every investment we make. The power plants in our portfolio include:
In 2024, we increased our energy output by 2.5%, achieving a total of 357,329 MWh. Our overall production was 348,673 MWh, with contributions of 24% from hydroelectric power, 65% from wind, and 11% from geothermal sources. When including an additional 54,163 MWh generated from imbalances and intraday transactions, our total energy sales for 2024 hit 411,492 MWh.
Enda Energy Holding has made a significant move in our ongoing strategy to expand renewable energy investments by adding three new solar power plants with a combined capacity of 8.94 Mwe. We have integrated the Soma Solar Power Plant (3.96 MWe), Kemalpaşa Solar Power Plant (3.00 MWe), and Ödemiş Solar Power Plant (1.98 MWe) into our portfolio, raising our total installed capacity to 189.12 MWe. These investments enhance the balance of our energy production while also advancing our nation’s transition to clean energy. The acquisitions were executed through our subsidiary, Egenda Ege Energy Production Inc., demonstrating our commitment to renewable energy. We remain dedicated to increasing our sustainable energy investments as part of our mission to contribute value to the future.
We are continuing our investments to enhance our installed capacity and production volume. As part of the applications we submitted to evaluate the potential for increasing the capacity of our existing wind power plants, we are in the process of obtaining permits for an additional 21 MWe of wind capacity. This includes Urla RES (8.4 MWe), Mordoğan RES (8.4 MWe), and Yaylaköy RES (4.2 MWe).
In our ongoing efforts to improve the efficiency of our facilities for hybrid solar power plants, we are adding 35.92 MWp of hybrid solar energy capacity across several sites: 3.03 MWp at Alaçatı WPP, 3.03 MWp at Yaylaköy WPP, 6.5 MWp at Eğlence I HPP, 10.81 MWp at Eğlence II HPP, 4.16 MWp at Akçay HPP, and 2.77 MWp at Su Enerji. Applications for these projects are ongoing.
We are steadily advancing our facility acquisitions and new domestic and international project developments. Our commitment remains strong as we aim to enhance our leadership in the renewable energy sector and support our country's clean energy transformation.
Strong Financial Framework and Strategic Expansion through Public Offering
In 2024, Enda Enerji bolstered its financial position, increased investor confidence, and successfully completed the public offering process. During the Extraordinary General Assembly Meeting on January 3, 2024, the amendment to the articles of association approved by the Capital Markets Board (CMB) received approval. The approval of our application to the CMB for the public offering of our company’s shares, submitted on April 2, 2024, was announced in the bulletin dated January 23, 2025. Following the demand collection process between February 5 and 7, 2025, Enda Enerji shares began trading on Borsa Istanbul as of February 13, 2025.
The IPO process aligned Enda Energy’s commitment to transparent management and corporate values with investor interests, generating resources for new investments aimed at financial sustainability. The proceeds from the IPO will be directed towards hybrid power plant initiatives, capacity expansions, upgrading current facilities, and launching new renewable energy projects.
Looking Ahead: A Stronger Enda Energy for a Cleaner World
While the global energy markets undergo major transformations, we at Enda Energy will continue to be among the pioneers of this change. As the structural changes in the energy sector increase the importance of renewable resources daily, we are turning this transformation into an opportunity and guiding our sustainable growth strategy accordingly.
We aim to enhance our energy production models that minimise carbon emissions and prioritise environmental sustainability through sustainable investments. While we continue to improve the efficiency of our existing power plants, we are bolstering our capabilities with new renewable energy investments added to our portfolio. In addition to ensuring energy supply security, we are also determined to reduce our environmental impacts and create a more liveable world for future generations.
I would like to extend my heartfelt thanks to our esteemed shareholders, business partners, and everyone within the Enda Energy family who has contributed to our success. We will continue our efforts to achieve even greater accomplishments together, enhance our leadership in eco-friendly energy production, and maintain our position at the forefront of sector transformation. Our journey towards a greener, stronger, and more sustainable future will move forward collectively.
Sincerely,
Cem Bakioğlu President