Dear Stakeholders,
In the energy sector, value creation is often expressed through numbers: installed capacity, generation capacity, investment volume, power plants commissioned, emissions reductions, financial performance and operational efficiency. Each of these represents a tangible outcome of the effort invested. Yet for Enerjisa Üretim, value is not limited to measurable indicators alone.
This year, when we defined the main theme of our Integrated Annual Report as “Beyond Measurable Value” we were guided by precisely this understanding. Because we know that behind strong results lie not only strategies, investments and technologies, but also human effort, solidarity in the field, determination under challenging conditions, trust among teams, the willingness to learn and belief in a shared purpose. The commissioning of a power plant is recorded as an increase in capacity. Yet the engineering mindset, health and safety discipline, day-and-night coordination, the excitement of first energization and the pride shared by teams that make this process possible often remain beyond the tables. In fact, a significant part of real value is created exactly there.
This is why, in this year’s report, we find it important to explain not only what we achieved, but also how we made these achievements possible. Because the financial close of an investment, the commissioning of a power plant or the delivery of an operational target creates value; yet so do the experience gained through these processes, the capabilities built within the organization, the trust established among teams and the collaborative culture extending from the field to the headquarters. This value may not always be measured by a metric, but it directly determines the company’s strength in preparing for the future.
As we speak of value beyond what is measurable, I would also like to briefly underline the tangible performance that makes this value possible. 2025 was a year in which Enerjisa Üretim further strengthened its role in Türkiye’s energy transformation, took significant steps in renewable energy investments and enhanced its long-term value creation capacity. By the end of 2025, we reached an installed capacity of 4,333 MW across 32 power plants, with wind capacity of 937 MW across 14 wind power plants. In February 2026, we crossed the 1,000 MW wind capacity threshold, further consolidating our leading position among Türkiye’s private-sector wind generators. Building on this momentum, we continue to advance toward our 2028 ambition of 6,250 MW installed capacity through the ongoing construction of our YEKA-2 WPP and YEKA 2024 WPP investments, which will add close to 1,750 MW of new renewable capacity to our portfolio.
Crossing the 1,000 MW wind capacity threshold in February 2026 was a defining milestone in this journey, further consolidating our leading position among Türkiye’s private-sector wind generators. Our plans to transform our balanced and diversified portfolio into a more flexible, more sustainable and more competitive structure also form an important part of this journey. The installation of our 200th turbine under our YEKA projects was not merely a capacity increase; it represented a strong contribution from the field to Türkiye’s renewable energy journey and an important milestone for us.
Behind these achievements lies the collective effort of a large team working toward the same goal across different cities and under different conditions. From our power plants to our headquarters, behind every turbine, every acceptance process, every field progress milestone and every MW of electricity generated, there was not only a technical plan, but also patience, attention, problem-solving capability and a culture of achieving together.
The steps we took in 2025 across financing, investment and operational performance were also important components of this holistic value creation approach. While supporting our growth ambitions in renewable energy, we continued to manage our resources with a long-term sustainability perspective. The green loan financing of more than USD 1 billion that we secured for our YEKA-2 WPP investments became one of the largest sustainable finance transactions in Türkiye’s energy sector, complemented by the Muğla YEKA financing we developed with the EBRD as the first EBRD financing dedicated to a YEKA project in Türkiye. In parallel, the independent verification confirming that 83.5% of our capital expenditure is aligned with the EU Taxonomy positioned Enerjisa Üretim as one of the first companies in Türkiye’s energy sector to reach this level of alignment, reinforcing the credibility of our sustainable finance journey. As the pace of change in the energy sector accelerates, we believe that not only the size of capacity, but also flexibility, resilience and the ability to make the right decision at the right time are becoming increasingly decisive.
Through our AI-supported analytical capabilities, remote operations infrastructure and digital energy management solutions, we are positioning Enerjisa Üretim not merely as a company that generates electricity, but as a technology company that manages energy assets by orchestrating data, flexibility and operational intelligence at scale.
At this point, digitalization and innovation are no longer an agenda limited to a specific project or location for Enerjisa Üretim; they have become a strategic capability transforming the way our entire generation portfolio operates. Today, through Senkron ROC, we centrally monitor, manage and optimize our power plants by reading hundreds of thousands of signals, making our operational decision-making processes faster, more reliable and more predictive. The multi-technology structure we have developed at Bandırma Energy Base is one of the strongest field examples of this vision. Through the applications we have implemented in battery storage, renewable energy, hybrid architecture, hydrogen technologies and digital energy management, we are not only responding to today’s needs; we are preparing today for a more flexible, more digital and more sustainable energy system of the future. The commissioning of Türkiye’s first grid-integrated energy storage system at Bandırma Energy Base was also one of the concrete indicators of this pioneering approach.
For Enerjisa Üretim, transformation is not limited to technology and investment. We believe that a true energy transformation cannot be achieved without strengthening the human focus, building an inclusive culture and bringing different capabilities together around a shared purpose. Our initiatives that strengthen the presence of women in the energy sector, particularly REDKA (Women Turning Wind into Energy) and Womentum, have contributed to the development of a more inclusive structure both in the field and in decision-making mechanisms. This year, we received more than 5,000 applications from all 81 provinces of Türkiye for Womentum, the program we launched to support women students in beginning their careers equipped with the necessary competencies. We see every step that increases women’s visibility in wind energy not only as a human resources achievement, but also as a strong mark left on the future of the sector.
We maintain the same holistic perspective in our sustainability approach. This perspective is anchored by our directional net-zero ambition by 2040, which shapes our Climate Transition Plan and provides a long-term strategic compass for our renewable capacity growth, our fossil dispatch reduction pathway and our innovation-led transformation. While managing our environmental impact, we see just transition, local development and social benefit as integral parts of our business. In this context, the Just Transition Roadmap we have initiated at Tufanbeyli Energy Base, supported by EBRD technical assistance and developed as Türkiye’s first site-specific just transition framework, translates this understanding into practice in the field, positioning social benefit and local development as inseparable dimensions of our long-term strategic transformation.
We know that energy investments do not only generate electricity; they also create employment, capabilities, local value, ecosystem development and social resilience. This is why we approach sustainability not as an agenda limited to reporting periods, but as a fundamental responsibility that guides the way we make decisions.
We address our strong generation portfolio together with digital capabilities, data-driven decision-making mechanisms, advanced trading capabilities and flexibility management. In doing so, we are transforming Enerjisa Üretim’s know-how into a scalable capability that creates value not only in Türkiye, but also in international energy markets.
With this understanding, Enerjisa Commodities and Senkron Digital have become more than complementary elements of our value creation model; they have evolved into strategic capabilities shaping Enerjisa Üretim’s future competitiveness. Through Enerjisa Commodities, we strengthen our know-how in global energy markets, our risk management capacity and our commercial agility. Through Senkron Digital, we transform operational data, digital intelligence and remote management capabilities into scalable technology value. In this way, we are moving toward a structure that not only generates electricity, but also orchestrates the energy it generates, the data it manages, portfolio flexibility and market signals together.
All these efforts have once again shown us that Enerjisa Üretim’s true strength lies not only in the assets it owns, but also in its people, culture and collective wisdom that transform these assets into a meaningful future. Numbers show our performance; yet the commitment, courage, experience and solidarity that make this performance possible are the true capital of our organization.
On this occasion, I would like to thank all my colleagues who contributed to Enerjisa Üretim’s journey throughout the year with their effort, knowledge and sense of responsibility. The immeasurable value created by our teams working toward the same goal in the field, at the headquarters, at the table, beside the turbine, in the control room, in project meetings, on market screens and at every moment of decision is the strongest story of this report.
Every morning, there are colleagues who brew our tea at our sites, prepare and deliver our meals, safely transport our teams to our power plants, and ensure the order, cleanliness and safety of our working environments. There are colleagues who open the roads, lay the cables and contribute their effort at substations, during commissioning, in acceptance processes and at every critical threshold. There are colleagues who build trust-based relationships with our neighbors in the regions where we operate, and who voluntarily contribute in villages, towns and our social responsibility projects with the awareness of being part of Enerjisa Üretim. In short, behind every result included in this report stands a large team whose names may not always appear individually, but whose effort is felt in every value created.
