Zorlu Enerji Signs Share Purchase Agreement with PALMET Enerji

Zorlu Enerji and PALMET Enerji, one of the sector's first investors and pioneers, have signed a share purchase agreement. Two leading brands in Turkey's energy sector, Zorlu Enerji and PALMET, came together at the same table in line with their long-term strategic objectives. One of the most significant acquisitions in 2024 related to gas distribution and supply activities was realized between PALMET and Zorlu Enerji. The 'share purchase agreement' executed for the sale of all shares of Zorlu Enerji Dağıtım A.Ş., which holds stakes in Trakya Bölgesi Doğal Gaz Dağıtım A.Ş., Gazdaş Gaziantep Doğal Gaz Dağıtım A.Ş. and Zorlu Doğal Gaz Tedarik Ticaret A.Ş., was signed between the parties on 13 February 2024.

Selen Zorlu Melik, Member of the Board of Directors of Zorlu Enerji, made the following statement on the matter:

"Today we are transferring our Natural Gas Distribution Companies, which we have grown with great effort since 2006, to PALMET. We extend our sincere thanks to all our colleagues and managers who contributed to the growth journey of our companies, and we wish this agreement to be auspicious and fortunate for both groups." Sinan Ak, Chief Executive Officer of Zorlu Enerji, sharing his views on the agreement, stated: "As Zorlu Enerji, we continue to strengthen our investments focused on renewable energy and electrification and to diversify our company portfolio in this direction. In this context, we have decided to transfer the activities we have been successfully conducting in the gas distribution field for a long time in order to focus on our renewable energy activities. We wish that the share purchase agreement we have signed on this matter will be auspicious for our country. As Zorlu Enerji, in the coming period we will continue to give weight to renewable energy sources such as geothermal, wind and solar, and to enhance our country's energy by bringing the energy of the future to today through new investments in energy technologies and storage." [caption id="attachment_159650" align="aligncenter"] Doğanay Samuray - Selen Zorlu Melik[/caption]

Doğanay Samuray, Chairman of the Board of PALMET Group of Companies, recalled that they are a 40-year-old company of the 100-year-old Republic, and continued as follows:

"We continue to carry out our most efficient operations in line with Turkey's energy policies and strategies. PALMET Enerji made this acquisition decision with the aim of including distribution regions with high consumption volumes in its operational area and strengthening the natural gas import, export and wholesale supply chain. PALMET's experience in the sector and the application of technological infrastructure systems it possesses and is developing in a wider area will increase the added value. This strategic step will also support us in reaching our long-term growth and sustainability objectives." With the contract signed between Zorlu Enerji and PALMET Enerji, the process for the transfer of shares of Zorlu Enerji Dağıtım A.Ş. has been initiated. PALMET Gas Group currently serves 1 million subscribers in 3 licensed zones, 2 provinces and 32 districts. Managing approximately 10% of natural gas trading in Turkey with an annual gas volume of 6 billion cubic meters, PALMET Enerji is among Turkey's most important electricity producers with an installed capacity of 956 MW.