Aksa Energy

Name

Aksa Energy

Legal name

Aksa Enerji Üretim A.Ş.

Website

https://aksaenerji.com.tr

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Independent Power Generation

NAICS

Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211), Fossil Fuel Electric Power Generation (221112), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Hydroelectric Power Generation (221111)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

akta.pro secondary industries

Utility-Scale Generator PPAs (Project Offtake) (EUAGADAB), Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI), Real Assets — Energy & Power Infrastructure (Renewables, Conventional, Storage) (FSAHAIAD), Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

Keywords

• Power generation services
• Electricity generation
• Independent power producer
• Renewable energy solutions
• Energy infrastructure

Headquarters

HQ city

Istanbul

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D

Revenue model

1. Electricity Generation and Sale: Aksa Energy generates electricity from its power plants and sells it under long-term power purchase agreements (PPAs) with national utilities or through bilateral contracts. Revenue is primarily secured through guaranteed USD-denominated capacity payments and energy sales, providing revenue visibility across the contract term.
2. Capacity-Based Guaranteed Revenue: The company operates under 20-25 year USD-based guaranteed capacity agreements with governments and national utilities. This includes the YEKDEM mechanism in Turkey and similar guaranteed revenue structures in international markets, ensuring stable foreign currency cash flows.
3. Energy Sales (Spot and Contract): Electricity produced is sold to grid operators and industrial consumers under various contractual arrangements, with some capacity participating in spot markets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Aksa Energy builds, owns, and operates power generation assets — including natural gas combined cycle, fuel oil, wind, solar, and hydroelectric plants — across 7 countries, selling electricity under long-term power purchase agreements (PPAs) with national utilities and governments. The company operates 11 power plants with over 3,000 MW of installed capacity, focusing on emerging markets in Africa, Central Asia, and Turkey, and is expanding into renewable energy with storage solutions.

Product overview

Aksa Energy is Turkey's largest publicly traded independent power producer operating a diversified portfolio of power generation assets across 7 countries with over 3,000 MW of installed capacity. The company operates natural gas combined cycle, fuel oil, wind, solar, and hydroelectric power plants in Turkey, Uzbekistan, Kazakhstan, Ghana, Senegal, Gabon, Mali, Madagascar, Congo Republic, Burkina Faso, and Northern Cyprus. Key assets include the 900 MW Ali Metin Kazancı Antalya plant, the 430 MW Talimercan plant in Uzbekistan, the 264 MW Kızılorda plant in Kazakhstan, and the 350 MW Kumasi plant in Ghana. The company is expanding into renewable energy with storage solutions, holding Turkey's first renewable energy generation license with storage. Aksa Energy's digital infrastructure (Project Nexus) integrates its power plants under SAP S/4HANA, while social responsibility programs include the 'Energy for Tomorrow' educational initiative and 'Aksa Fotofest' photography competition.

Differentiator

Problem solved

Functional benefit

Products and services

• Ali Metin Kazancı Antalya Natural Gas Combined Cycle Power Plant 900 MW natural gas combined cycle power plant located in Antalya, Turkey, serving as one of Aksa Energy's largest domestic generation assets selling electricity to the Turkish grid.
• Bolu Göynük Thermal Power Plant with Solar Hybrid 270 MW thermal power plant in Bolu Göynük, Turkey, integrated with 35 MW solar hybrid energy generation for combined fossil and renewable output.
• Northern Cyprus Kalecik Combined Cycle Fuel Oil Power Plant 188 MW combined cycle fuel oil power plant in Kalecik, Northern Cyprus, providing baseload electricity to the Northern Cyprus grid.
• Uzbekistan Talimercan Natural Gas Combined Cycle Power Plant 430 MW natural gas combined cycle power plant in Talimercan, Uzbekistan, operating under a 25-year USD-denominated PPA with NEGU (National Electric Grid of Uzbekistan).
• Uzbekistan Tashkent A Natural Gas Combined Cycle Power Plant 240 MW natural gas combined cycle power plant in Tashkent, Uzbekistan, generating electricity under long-term agreements with national grid operator.
• Uzbekistan Tashkent B Natural Gas Combined Cycle Power Plant 252 MW natural gas combined cycle power plant in Tashkent, Uzbekistan (expanded from 230 MW via modernization), supplying electricity under long-term national contracts.
• Uzbekistan Bukhara Natural Gas Combined Cycle Power Plant 298 MW natural gas combined cycle power plant in Bukhara, Uzbekistan (expanded from 270 MW via modernization), generating electricity for the national grid.
• Kazakhstan Kızılorda Combined Heat and Power Plant 264 MW combined heat and power plant in Kızılorda (Kyzylorda), Kazakhstan, providing both electricity and district heating to the region.
• Ghana Tema Power Plant 370 MW fuel oil-based power plant in Tema, Ghana, with completed dual-fuel conversion allowing operation on both natural gas and fuel oil to reduce emissions while maintaining supply.
• Ghana Kumasi Natural Gas Combined Cycle Power Plant 350 MW combined cycle natural gas power plant in Kumasi, Ghana, with Phase 1 reaching 130 MW in simple cycle mode.
• Senegal St. Louis Natural Gas Combined Cycle Power Plant 255 MW natural gas combined cycle power plant in St. Louis, Senegal, supplying electricity to the Senegalese grid.
• Gabon Libreville and Port Gentil Natural Gas Power Plants 145 MW combined natural gas power plants located in Libreville and Port Gentil, Gabon, supplying electricity to the Gabonese national grid.
• Mali Fuel Oil Power Plant 60 MW fuel oil power plant in Mali, providing electricity generation for the local grid.
• Madagascar Fuel Oil Power Plant 66 MW fuel oil power plant in Madagascar, supplying electricity to the Madagascan grid.
• Congo Republic Natural Gas Power Plant 50 MW natural gas power plant in the Republic of Congo, supplying electricity to the local grid.
• Burkina Faso Fuel Oil Power Plant 119 MW fuel-oil-based power plant to be commissioned in Ouagadougou, Burkina Faso, selling all electricity to Sonabel under a 20-year PPA.
• Turkey Renewable Energy Storage Projects Portfolio 941 MW portfolio of storage-enabled renewable energy projects across Turkey, including wind with storage, solar with storage, and standalone electricity storage facilities.

Quantifiable outcome

• 2025 EBITDA: 13.5 billion TL, exceeding targets
• +4 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Sonabel (Société Nationale d'Electricité du Burkina Faso)coreStrategic or Co-development Partner · 1 November 2025Sonabel, Burkina Faso's national electricity utility, signed a 20-year guaranteed power purchase agreement with Aksa Energy for a 119 MW fuel-oil power plant in Ouagadougou. Sonabel will offtake all electricity generated, supporting Burkina Faso's energy security goals.
• NEGU (National Electric Grid of Uzbekistan)coreStrategic or Co-development Partner · 1 January 2024NEGU, under Uzbekistan's Ministry of Energy, partnered with Aksa Energy for the Talimercan Natural Gas Combined Cycle Power Plant. NEGU provides grid connection and electricity dispatch while the Government of Uzbekistan supplies natural gas. Electricity is priced under a 25-year USD-denominated guaranteed capacity agreement.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Çalık Enerji: Çalık Enerji is a Turkish IPP active in Turkmenistan, Libya, and the Middle East with combined-cycle gas and renewable generation. It directly competes with Aksa for cross-border IPP projects in CIS and African markets using similar B2B sovereign offtake structures.
• Karpowership: Karpowership is a Turkish floating power producer that operates long-term, USD-denominated PPAs with national utilities in West and Southern Africa, including Ghana (directly named alongside Aksa as a beneficiary of the $1.47B Ghana arrears settlement). Both companies compete for the same sovereign offtaker relationships in sub-Saharan Africa using fuel-oil and gas generation, and both rely on fast-track mobilization.
• ContourGlobal: ContourGlobal is a London-listed independent power producer that develops, owns, and operates generation assets in emerging and frontier markets across Africa, Europe, and Latin America. Its business model of long-term PPAs with state-owned utilities in underserved markets is closely comparable to Aksa's emerging-market IPP strategy.
• Globeleq: Globeleq is a UK-based IPP focused exclusively on sub-Saharan Africa, operating thermal, renewable, and distributed generation assets under long-term PPAs with national utilities. It overlaps with Aksa in Ghana, Senegal, Burkina Faso, and broader West African markets and serves similar sovereign offtaker customers.
• Enka İnşaat (Enka): Enka is a Turkish construction and power generation company operating combined-cycle and simple-cycle IPPs in Turkey and internationally. It directly competes with Aksa in Turkish power markets and shares the IPP business model of building and operating generation assets for utility offtakers.

Broad incumbents

• RWE AG: RWE is a major European utility and renewable energy developer transitioning from conventional generation to wind and solar. It provides a benchmark for large-scale IPP valuation, project finance capacity, and renewable-plus-storage strategy relevant to Aksa's 2030 transition.
• Engie (formerly GDF Suez): Engie is a global utility and IPP with significant emerging-market power generation presence, including Middle East, Africa, and Latin America. It competes with Aksa for large-scale IPP tenders and offers a comparable mix of gas, renewables, and grid services, though at much larger scale and across broader geographies.
• AES Corporation: AES is a US-listed global power generation and utilities company with significant emerging-market IPP operations across Latin America, the Caribbean, and Asia. It shares Aksa's IPP business model of long-term contracted generation assets in developing markets and competes in renewable-plus-storage development.

Emerging players

• Cenpower Generation: Cenpower operates the 350 MW Kpone Independent Power Plant in Ghana under a 25-year PPA, directly competing with Aksa's Tema and Kumasi plants in the same national grid. Both companies serve the same Ghanaian national utility and operate thermal generation assets in West Africa.

Others

• Africa Finance Corporation (AFC): AFC is a major infrastructure development financier that has committed $450M in financing to Aksa Energy. While not a peer operator, AFC is a critical enabler and counterparty in Aksa's African expansion and is relevant for understanding Aksa's project financing structure and competitive positioning versus other African IPPs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/aksa-enerji-%C3%BCretim-a-%C5%9F-
• Xx.com/enerjiaksa

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aksa Energy