İşbank Group Becomes a Shareholder in Wind Turbine Manufacturer Ateş Wind Power

Through a partnership led by İş Enerji, a subsidiary of Türkiye İşbank Group, the Clean Energy Fund and Atlas Fund -both managed by Maxis Venture Capital- and the Türkiye Green Fund -primarily backed by TSKB- become shareholders in Ateş Wind Power. The growth strategy planned in line with İşbank Group's sustainability vision aims to deliver end-to-end domestic manufacturing of wind power plant components. This partnership also marks the first investment by Türkiye Green Fund, the first loan-backed venture capital investment fund in Türkiye and in the world focusing on emissions reduction and inclusive transformation.

The signing process of the shareholders agreement for İşbank Group to become a shareholder in Ateş Wind Power, a leading domestic manufacturer of renewable energy equipment, is completed.

İş Enerji is authorized to manage and represent the shares invested in by Clean Energy Venture Capital and Atlas Growth Capital Venture Capital Investment Fund, both managed by Maxis Venture Capital -a subsidiary of İşbank Group- as well as Türkiye Green Fund, in which the primary investor is TSKB (Industrial Development Bank of Türkiye). The deal also marks the first investment by Türkiye Green Fund, the first loan-backed venture capital investment fund in Türkiye and in the world focusing on emissions reduction and inclusive transformation. Türkiye Green Fund was launched by TSKB using the USD 155 million loan from the World Bank under the guarantee of the Ministry of Treasury and Finance of the Republic of Türkiye.

Following the partnership deal, Ateş Wind Power, a key player in the Turkish market, is expected to make new investments and increase its export capacity to hold a significantly greater share on international markets.

Aran: "We are investing EUR 45 million"

İşbank CEO Hakan Aran said through The Group’s various investment funds they had allocated USD 600 million to entrepreneurial collaborations. Aran highlighted that the partnership marked the first investment by Türkiye Green Fund, facilitated by TSKB with funds from the World Bank. 

"We are a part of this partnership through our Group’s venture capital investment funds in addition to the funds we secured from the World Bank” said Aran, “We are investing a total of EUR 45 million. EUR 20 million portion of this total is contributed by Türkiye Green Fund. The remaining EUR 25 million is offered through Maxis Venture Capital's Clean Energy and Atlas Funds. We are now holding 15 percent of shares in Ateş Wind Power through İş Enerji, a major element of our sustainability vision managing our renewable energy investments."

Also referring to their goal of increasing the amount of the World Bank funds Aran continued: "We aim to increase it to over USD 400 million with investors in Türkiye. Such sustainability and green transformation investments are created at a balance of 80 percent loans and 20 percent shareholders’ equity. We are talking about an investment exceeding USD 2 billion, where the 20 percent shareholders’ equity worth USD 400 million plus the loan. We hope this opportunity provided by the World Bank serves as a leverage."

Bilgiç: "We are accelerating sustainable transformation with this first investment by Türkiye Green Fund"

TSKB CEO Murat Bilgiç stated that the partnership deal will support domestic production to make a significant contribution to increase the wind turbine production capacity in Türkiye and to the country’s installed capacity in renewable energy. "As a development and investment bank that has been creating a lasting value for Türkiye's multidimensional development for 75 years, we are working to unlock our country’s potential in every field” said Bilgiç, “At a time when energy independence is getting increasingly important, we believe that renewable and clean energy investments are more important than ever among our country's strategic development areas. That is why we focus on such areas. Through Türkiye Green Fund, which we established by combining TSKB's deep expertise in development banking with our investment banking operations, we will support companies in the green transformation process through capital investment. We are delighted to provide a significant impetus to sustainable transformation with this purposeful initiative, which is the first investment by Türkiye Green Fund and will boost the diversity, quantity and -last but not least- the multiplier effect of climate finance instruments in our capital markets. I hope this partnership will be auspicious for our country."

Karadaş: "With this partnership, we aim to take our support for renewable energy one step further"

İş Enerji CEO Karadaş stated that they rapidly made investments both in Türkiye and abroad after they had started operating as a part of the İşbank Group in October 2022. Karadaş added that they had an installed capacity of 1,400 MW, which corresponded to the annual electricity supply of approximately 1 million people. Karadaş also referred to the importance of their partnership with Ateş Wind Power as part of their efforts to contribute to the green economy transformation of our country, and continued "This partnership with Ateş Wind Power, a leading domestic manufacturer of basic equipment for wind power plants in Türkiye for over a decade including turbine towers and generators, will help us take our support for renewable energy one step further and support our country's net zero targets in the field of renewable energy."

Güldoğan: "Our goal is to strengthen the production capacity that our country will need to increase its installed capacity in clean energy"

Mahmut Güldoğan, Ateş Wind Power Vice President, said they had become a leading wind turbine component manufacturer in Türkiye thanks to their investments since their establishment in 2007. "As of today, we are among the Top 500 industrial enterprises in our country with 5 facilities and over 1,300 employees, including our affiliates and related parties. We consider our partnership with İş Enerji as an overlapping of the values of two major organizations that will never stop contributing to the future of our country in their joint journey based on growth, innovation, technology and knowledge, rather than just an investor group taking over the shares of another company with high expectations for return. To this end, we believe we have an important share in the green transformation of our country, and we are happy to be a part of this big leap. Our goal is to strengthen the production capacity that our country will need to increase its installed capacity in clean energy and to realize the sustainable growth of Ateş Wind Power, which will enjoy greater competitiveness in global markets through this partnership."

Lopez: “It is a real pleasure to support -even if indirectly- a deal like this, as it will further contribute to the development of a high value industrial sector, the creation of jobs in Türkiye, and the country’s Energy Security”

"For us at the World Bank, it is a real pleasure to support -even if indirectly- a deal like this, as it will further contribute to the development of a high value industrial sector, the creation of jobs in Türkiye, and the country’s Energy Security," said Humberto Lopez, World Bank Country Director for Türkiye.

Focus on domestic manufacturing of imported components

Ateş Wind Power was founded in 2007 to manufacture towers and connections for wind turbines and has already reached a capacity to meet the needs of 1,500 MW in installed capacity. Ateş Wind Power took a major step in 2018 when it started to manufacture direct-drive generators and has subsequently become a leading wind turbine manufacturer in our country.

Ateş Wind Power has so far supplied equipment for various wind power plant projects in Türkiye and abroad and is an approved and accredited supplier of the world's leading wind turbine manufacturers. Driven by the recent partnership deal, Ateş Wind Power will focus on the domestic manufacturing of imported components that our country needs.