ROMANIA: The Turkish energy company Entek enters Romania by acquiring solar plants under construction
Share
The Turkish energy company Entek enters the local solar energy market, through the acquisition of Eco Sun Niclești and Euromec-Ciocanari. Deloitte Romania announces that it assisted the Turkish energy company Entek Elektrik Üretimi A.Ș. (Entek), active mainly in the green energy sector, in the takeover of the Romanian companies Eco Sun Niclești SRL, which holds authorizations, some of which are in the process of being obtained, for a 214.26 MWdc solar plant under development, and Euromec -Ciocanari SRL, which owns the land on which the project will be developed, from Econergy International Limited.
Entek focuses on investments in new generation energy technologies as well as renewable energy sources and is a subsidiary of Turkish energy company Tüpras, Türkiye Petrol Rafinerileri A.Ş., which owns 99.23% of Entek. Tüpraș is Turkey’s largest industrial company and the seventh largest refinery in Europe, producing various types of fuels.
The transaction has a value of approximately 32.9 million euros, subject to adjustments during the finalization phase, and marks Entek’s entry into the Romanian energy market. It was signed in June this year and is subject to regulatory approvals as well as certain conditions, which include obtaining design permits for construction.
The transaction is expected to close by January 31, 2025.
A team of tax consultants from Deloitte Romania assisted Entek in the tax due diligence stage and with assistance services in the transaction, especially in the finalization phase of the sale-purchase contract. The team included Dan Bădin, partner, Ana Petrescu-Mujdei, senior manager, Ana Bica, Senior Consultant, and Bianca Husariu, consultant.
“We welcome Entek Elektrik’s entry into the renewable energy market in Romania, which will contribute to the growth of the solar energy sector and which confirms our country’s potential to become an important regional player in the field of green energy. We are proud to have been able to contribute, through the extensive expertise of our specialized energy tax consultants, to the success of this transaction. We are also grateful to Entek, our old client, for giving us the confidence to provide assistance and become its tax consultant”, said Dan Bădin, Fiscal Services Partner, Deloitte Romania.
Entek Company, established in 1995, is active in various segments of the energy field, including electricity generation through 11 power plants located in seven cities in Turkey, electricity trading and providing solar energy investment solutions . The group’s portfolio is now mainly made up of renewable energy, at around 80%.
Eco Sun Niclești, established in 2021, will develop a photovoltaic park of 214.26 MWdc in Romania. The company that owns the land, Euromec-Ciocanari, was established in 1995.
