The Turkish energy company Entek Elektrik, active mainly in the green energy sector, entered the local market by taking over the Romanian companies Eco Sun Niculești, which holds authorizations for a 214.26 MWdc solar plant under development and Euromec-Ciocanari S.R.L., 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 project 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.
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 Niculești, 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.
