Turkish company Zorlu concludes the sale of Dorad shares, withdrawing from the Israeli market.
In a significant move towards sustainable energy, Zorlu Energy, a leading Turkish energy company, has announced the sale of its remaining stake in Israel's Dorad Power Station. This marks the formal exit of Zorlu Holding from all electricity generation and sales activities in Israel, signifying a commitment to low-carbon solutions and greater resource diversity.
The sale of the 10% stake in Dorad Power Station to Phoenix Group for 282.9 million shekels, and the remaining 15% to existing shareholders Ellomay Luzon Energy Infrastructures Ltd. and Edelcom Ltd. through a pre-emptive rights agreement, is part of a larger strategy by Zorlu Energy to exit all fossil fuel-based energy generation and sales activities.
Zorlu Energy's CEO, Elif Yener, stated that this decision aligns with the company's long-term strategy to phase out fossil fuel-based investments and prioritize sustainable energy initiatives. Yener emphasized that Zorlu aims to become a leading player in the transformation of the energy sector.
In Türkiye, Zorlu Energy operates as an integrated energy provider, with activities spanning electricity production, trade, distribution, solar panel sales, and electric vehicle charging station services. The company reported that 100% of their electricity generation in Türkiye comes from renewable sources, underscoring their dedication to clean energy and low-carbon solutions.
The sale of Dorad Power Station's shares is significant as it marks a significant step in Zorlu Holding's restructuring process, positioning the company as a key player in the transition towards sustainable energy. This move is a strong indicator of Zorlu's determination to end fossil fuel-based investments, as Yener aptly described, "This step is a strong indicator of our determination to end fossil fuel-based investments."
Zorlu Energy's long-term strategy is to phase out all fossil fuel-based investments and focus exclusively on sustainable energy initiatives. This is demonstrated by their recent complete exit from fossil fuel power generation assets in Israel, including the sale of their 25% stake in the natural gas-fired Dorad Energy Ltd. and prior divestments from other Israeli natural gas plants.
The company’s CEO, Elif Yener, explicitly framed these moves as a strong commitment to ending fossil fuel investments and transforming Zorlu Energy into an energy company of the future focused on renewables, research & development (R&D), and next-generation energy technologies.
These steps collectively reflect Zorlu Energy’s clear long-term vision to lead the energy sector transformation through sustainable practices and technology, completely abandoning fossil fuels. The company is focusing all its resources and energy on expanding renewable energy, advancing R&D, and investing in future-oriented energy technologies.
Sources: [1] Zorlu Energy's official website [2] Various news articles on Zorlu Energy's renewable energy initiatives
- Zorlu Energy, a significant Turkish energy player, has sold its 10% stake in Syria's Dorad Power Station to Phoenix Group for an equivalent of approximately 83 million Turkish Liras, signifying a broader strategy to withdraw from fossil fuel-based energy generation and sales activities.
- With this strategic move, Zorlu Energy intends to commit more resources to the Turkish finance and business sector, focusing on renewable energy projects and electric vehicle charging stations - areas where the company already operates within Türkiye.
- The proceeds from the Dorad Power Station's share sale can potentially be reinvested in research & development (R&D) and next-generation energy technologies, ultimately positioning Zorlu as a key player in the global transition towards sustainable energy solutions.
