Esenboga

What Esenboga does

Esenboğa Elektrik Üretim Anonim Şirketi is a Turkish vertically integrated renewable energy company publicly listed on Borsa İstanbul (ticker: ESEN), founded in 2015 and headquartered in Ankara with a regional office in Istanbul. The company designs, procures, constructs, and operates rooftop solar power plants for commercial and industrial clients, with service lines spanning project development (feasibility, licensing, financial modeling), EPC execution, and recurring operations and maintenance through its wholly-owned subsidiary Angora Elektrik. Beyond services, Esenboğa owns and operates electricity generation assets: subsidiary Margün Enerji (75.61% owned) holds 118.03 MWp of installed solar capacity across 89 plants, and the group added 12 MWe of geothermal capacity through the 2025 acquisition of RSC Elektrik.

Its core technology stack comprises rooftop solar EPC solutions, battery energy storage systems, and integrated solar-plus-storage configurations — most notably Turkey's first production-integrated storage facility at 2,064 MWh completed in 2024. Operational technology includes 7/24 SCADA-based remote monitoring with fault detection and remote software updates, delivered in part through technology subsidiary Ensoft Teknoloji. International expansion has been executed through European subsidiaries in the Netherlands, Romania, Italy, the UK, Spain, and Greece, plus an EV-charging joint venture with Siemens via subsidiary Naturel ChargeN.

The business model combines project-based one-time EPC revenue, transaction-fee electricity generation revenue from owned solar and geothermal assets, subscription-style recurring O&M revenue, and professional services revenue from project development and licensing work. Go-to-market is direct B2B enterprise field sales targeting corporate customers with high electricity costs and sustainability mandates, supplemented by relationships with renewable energy investors. Pricing is quote-based and project-specific, with no public rate cards disclosed. Esenboğa sits within the Naturel Holding group, with Naturel Enerji as the controlling shareholder (~62.5% effective control) and the company operates as part of a broader subsidiary network that includes the publicly listed Margün Enerji subsidiary (IPO'd 2021 at ~$400M market value).

Name

Esenboga

Legal name

Esenboğa Elektrik Üretim Anonim Şirketi

Website

https://esenbogaelektrik.com.tr

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Esenboğa Elektrik is a Turkish-listed vertically integrated renewable energy company providing rooftop solar EPC, energy storage, and O&M services to commercial and industrial clients, with owned solar (118 MWp) and growing geothermal (12 MWe) and battery storage (2,064 MWh) generation assets.

Ownership category

akta.pro rank

Product category

Solar Energy Services

NAICS

Solar Electric Power Generation (221114), Geothermal Electric Power Generation (221116)

SIC

Electric Services (4911)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

akta.pro secondary industries

Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB)

Keywords

• Rooftop solar EPC
• Renewable energy services
• Solar power plants
• Energy storage systems
• Operations and maintenance

Headquarters

HQ city

Ankara

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. EPC Services (Engineering, Procurement, Construction): Turnkey rooftop solar installation services including engineering design, equipment procurement, construction, and commissioning. Revenue generated from project-based contracts for commercial and industrial customers.
2. Electricity Generation: Revenue from electricity production through owned solar energy plants (118.03 MWp across 89 plants) and geothermal assets (12 MWe). Margün Enerji subsidiary generates electricity sold to the grid.
3. Operations and Maintenance (O&M): Ongoing maintenance, monitoring, and optimization services for solar installations provided through subsidiary Angora Elektrik.
4. Project Development: Feasibility studies, technical consulting, licensing, and project management services for renewable energy investors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Esenboğa Elektrik designs, builds, and operates rooftop solar power plants (Çatı Tipi Güneş Enerjisi Santralleri) and energy storage systems for corporate and industrial customers. Its core offering bundles three service pillars: turnkey Engineering, Procurement and Construction (EPC) of solar projects, end-to-end project development (feasibility, permitting, financial modeling), and ongoing operations and maintenance (O&M) via subsidiary Angora Elektrik. The company also owns and operates electricity generation assets (118.03 MWp solar through Margün Enerji and 12 MWe geothermal via RSC Elektrik) producing power sold to the grid.

Product overview

Esenboğa Elektrik offers a comprehensive renewable energy solutions portfolio centered on rooftop solar power plants (Çatı Tipi Güneş Enerjisi Santralleri) and energy storage systems, supported by three core service pillars: EPC Hizmetleri (engineering, procurement, and construction), Proje Geliştirme (project development), and Bakım Onarım & İşletme (O&M services). The company operates through subsidiaries including Margün Enerji (solar power generation with 118.03 MWp across 89 plants), Margün Jeotermal Enerji (geothermal at 58.60% stake), Naturel ChargeN (EV charging infrastructure partnered with Siemens), and Ensoft Teknoloji (digital platforms and software). The portfolio spans solar, geothermal, and battery storage technologies, with international operations across Europe and America.

Differentiator

Problem solved

Functional benefit

Products and services

• EPC Services (Engineering, Procurement, Construction) End-to-end Engineering, Procurement, and Construction services for solar energy projects, including rooftop solar installations, engineering design, equipment procurement from global and local suppliers, construction, and commissioning for corporate and industrial customers.
• Project Development (Proje Geliştirme) Comprehensive project development services covering feasibility studies, technical analysis, design and planning, permitting and licensing, financial modeling, and investor relations support for renewable energy projects from concept to commissioning.
• Operations and Maintenance (Bakım Onarım & İşletme) Ongoing operations and maintenance services for solar energy installations, including 7/24 performance monitoring, fault detection, panel cleaning, inverter testing, remote software updates, spare parts management, and compliance tracking, provided through subsidiary Angora Elektrik.
• Rooftop Solar Power Plants (Çatı Tipi Güneş Enerjisi Santralleri) Rooftop solar power plant installations that enable corporate and industrial clients to increase energy efficiency through renewable sources, delivered as part of Esenboğa Elektrik's EPC services.
• Energy Storage Systems (Enerji Depolama Sistemleri) Battery energy storage systems integrated with solar power plants, including Turkey's first 2,064 MWh solar-integrated production-storage unit, enabling grid stabilization and renewable energy optimization.
• Electricity Generation (Solar and Geothermal) Electricity generation through owned solar power plants (118.03 MWp across 89 plants via Margün Enerji) and geothermal assets (12 MWe via RSC Elektrik acquired 2025), with electricity sold to the grid.

Quantifiable outcome

• 118.03 MWp total installed capacity
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• SiemenscoreStrategic or Co-development Partner · 11 August 2025Strategic partnership between Naturel ChargeN (Esenboğa Elektrik subsidiary) and Siemens for electric vehicle and charging station ecosystem. Includes technical capacity development, new technology tracking, mutual training programs, joint project work with mixed teams, charging infrastructure installation knowledge sharing, and sustainability activities coordination. Also covers joint business development for EV fleets and collaboration on sustainable financing models.
• Angora ElektrikcoreStrategic or Co-development PartnerIndirect subsidiary providing Operations and Maintenance (O&M) solutions for solar energy installations as part of Esenboğa Elektrik's service portfolio.
• Margün EnerjicoreStrategic or Co-development PartnerSubsidiary (75.61% ownership) engaged in electricity generation through 89 solar power plants totaling 118.03 MWp capacity. IPO'd in 2021 with approximately $400 million market value.
• Naturel ChargeNcoreStrategic or Co-development PartnerSubsidiary (25% indirect ownership through Naturel Batarya Sistemleri) focused on electric vehicle charging infrastructure, battery systems, and energy storage solutions.
• Naturel HoldingcoreStrategic or Co-development PartnerParent company of Esenboğa Elektrik group, providing strategic direction and group synergies.

Scale indicators8 records

Recent moves12 records

Expansion highlights5 records

Broad incumbents

• Encavis AG: European operator of solar and wind generation assets with a public listing. Comparable as a recurring-revenue renewable energy operator, though focused on generation rather than EPC services.
• Enerjisa Üretim: One of Turkey's largest private electricity generation companies with a diversified renewable portfolio. Operates solar, wind, and hydro generation — a broader incumbent against which Esenboğa's smaller-scale solar-and-storage platform competes.
• Akfen Yenilenebilir Enerji: Turkish renewable energy IPP with operating wind, solar, and hydro assets. Comparable as a publicly listed Turkish renewable energy operator, though focused on utility-scale generation rather than rooftop EPC.
• Zorlu Enerji: Diversified Turkish energy group with solar, wind, geothermal, and conventional generation. Comparable as a multi-technology Turkish renewable operator and EPC developer, though much larger and broader in scope.
• SunPower (TotalEnergies): Established residential and commercial rooftop solar company now part of TotalEnergies. Comparable for rooftop solar delivery model and recurring service revenue, though operating at much greater scale and primarily in the US market.

Direct peers

• IBC Solar: German-based solar EPC and distribution company with established operations across European markets. Comparable in offering turnkey rooftop and ground-mounted solar solutions plus O&M services in geographies where Esenboğa is expanding.
• Smart Solar: Turkey-based solar EPC and panel producer focused on commercial rooftop installations. Direct competitor in the same Turkish rooftop solar EPC segment that Esenboğa serves.
• BayWa r.e. Global renewable energy developer and EPC contractor with strong European rooftop and utility-scale solar presence. Directly comparable as a multi-market solar EPC and operations platform, especially relevant for benchmarking Esenboğa's European expansion.
• CW Enerji: Turkish solar EPC and panel manufacturer serving commercial and industrial rooftop and utility-scale markets. Directly comparable to Esenboğa's core rooftop solar EPC and project development business in the Turkish market.
• Kalyon Enerji: Major Turkish renewable energy EPC contractor with utility-scale solar project experience. Comparable to Esenboğa's EPC capabilities, particularly in the engineering and construction of large solar generation assets in Turkey.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/EsenbogaEnerji

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries22 records

Funding overview

Funding rounds

Investors

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 Esenboga