CIGA Energy Advisory Advises Entek Elektrik Üretimi A.Ş. on Acquisition of 214.26 MWdc PV Solar Power Plant Under Development in Romania

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CIGA Energy Advisory Advises Entek Elektrik Üretimi A.Ş. on

Acquisition of 214.26 MWdc PV Solar Power Plant Under Development in Romania

Bucharest, Romania – July 29, 2024 – CIGA Energy Advisory (CEA), a distinguished member of the RCI Holding of companies, is pleased to announce the successful signing of a landmark transaction in the renewable energy sector. On June 13, 2024, Entek Elektrik Üretimi A.Ş. ("Entek") signed the Share Purchase Agreement for the acquisition of a 214.26 MWdc photovoltaic (PV) power plant under development located in Romania. The total company value of the two entities subject to sale is approximately 32.9 million Euros, subject to closing adjustments.

Entek Elektrik Üretimi A.Ş., a joint stock company incorporated in the Republic of Türkiye, is a key player in the energy sector. Entek's main shareholder is Türkiye Petrol Rafinerileri A.Ş. ("Tüpraş”). Tüpraş is Türkiye’s largest industrial enterprise and Europe’s 7th largest refiner, producing various fuel products.

CIGA Energy Advisory provided comprehensive evaluation services for the acquisition, from March to June 2024. This included technical, environmental, and health & safety assessments, review of technical permits and licenses, environmental permitting and biodiversity assessments, technical review of grid connection and electrical matters, and a detailed site visit with a drone photographic report. The findings were compiled into a comprehensive Due Diligence report with Red Flag analysis and risk mitigation measures. The project was expertly managed by our Group COO, Mrs. Cristina Popescu, and the environmental and energy management teams including Angela Nedelcu, Cosmin Briciu, Antoniu Dumitru, and Raul Toma.

"We are thrilled to have facilitated this significant transaction in the renewable energy sector, marking Entek's first major investment in Romania," said Dan Stratan, CEO of RCI Holding. "This project underscores our commitment to promoting sustainable energy solutions and highlights our expertise in navigating complex international deals. We look forward to supporting Entek's continued growth and expansion in the Romanian market."

About Ciga Energy Advisory

Ciga Energy Advisory, a strategic spinoff from CIGA Energy, has roots dating back to 2010 and offers services in Business Consulting, Sustainability (ESG) Services, Regulatory Consulting, and Technical Consulting. The company’s offering includes a wide array of services, from strategy to implementation support, with a recent focus on technology-driven transformation strategies, energy efficiency and emission reduction analysis, market studies and due diligence services (regulatory, technical or environmental).

Our multidisciplinary team combines expertise in engineering, economics, business consulting, and environmental consulting, supported by a network of SMEs. We serve clients across various sectors, including energy, water & wastewater, public sector, associations and regulatory bodies, and international organizations.

Achievements include: digital strategies for utilities throughout CSE Europe; the Technical Master Plan for the Ellinikon Greece smart city development (Energy pillar); regional EV charger network expansion strategies; and multiple implementations of new systems (such as ADMS, Asset Management or Workforce Management). Client EU Funds applications which we supported (together with our group partners) exceeded €2 billion in total investment value. CEA also provided, to date, technical and environmental due diligence services covering over 3.5 GW of RES; of which successful transactions amount to over 2 GW.