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Aksa Energy shared its global growth strategy, investment programme and 2029 targets at its 2026 Analyst Meeting. Speaking at the meeting, Aksa Energy Chairman Cemil Kazancı emphasised that the one constant throughout the company’s 30-year journey has been its determination to grow, and that it continues to invest with the same resolve today. Aksa Energy CEO and Chairman of the Executive Board Naci Ağbal stated that, upon completion of the ongoing investment programme, the company aims to increase its installed capacity from 3,700 MW to 6,200 MW and its EBITDA to USD 841 million. Ağbal also announced that Aksa Energy plans to distribute dividends from its 2027 net profit.
Aksa Energy, which has become a global energy company with 15 operational power plants across eight countries and an installed capacity of 3,700 MW, met with investors and analysts at its 2026 Analyst Meeting, attended by its senior management. The meeting covered the company’s new investment phase, its growth programme in Africa and Central Asia, its investments in renewable energy with storage in Türkiye, and its financial performance and targets.
Describing 2026 as “the year of transition to commercial operation”, Aksa Energy commissioned the 264 MW Kyzylorda Power Plant in Kazakhstan, increasing its total installed capacity in Central Asia to 1,484 MW. In Africa, the company completed the conversion to combined-cycle operation of the first phase of its Kumasi Power Plant in Ghana, which has an installed capacity of 179 MW. In Türkiye, it brought the 58 MW Gaziantep Pamuk Solar Power Plant with Storage and the 50 MW Şanlıurfa RASA Standalone Electricity Storage Facility into commercial operation. As Aksa Energy prepares to commission its investments in Senegal and Gabon by the end of the year, it continues to expand its portfolio of renewable energy with storage in Türkiye through new projects.
Speaking at the meeting, Aksa Energy Chairman Cemil Kazancı said: “Today, Aksa Energy continues to grow with an installed capacity of 3,700 MW, a presence in eight countries and 15 power plants. This scale is underpinned by more than 30 years of experience in the energy sector. Across a broad geography extending from Türkiye and Northern Cyprus to Central Asia and Africa, we are operating in a particularly challenging period in which geopolitical developments, energy supply security, commodity prices and financing conditions directly affect our sector.
“We have also directly experienced the impact of recent developments in the Strait of Hormuz and the Red Sea corridor on our logistics processes. Throughout Aksa Energy’s 30-year journey, we have navigated many different periods, including economic fluctuations, the pandemic and supply chain crises. Yet the one constant has been our determination to grow. Today, we continue our investments with the same resolve.”
Delivering on Our Growth Targets
Commenting on the company’s new phase of growth, Aksa Energy CEO and Chairman of the Executive Board Naci Ağbal said:
“Over the past three years, we have put our growth strategy into action through tangible investments. During the 2024–2026 period, we invested USD 1.7 billion while undertaking a total of 15 investment projects, comprising eight thermal power projects and seven renewable energy projects with storage. 2026 has been an important year in which our investments have come on stream and our growth targets have materialised. As we commission our investments, we are also taking new steps towards growth. We will commission our 119 MW power plant in Burkina Faso in 2027. The 825 MW Takoradi Power Plant that we will develop in Ghana will be one of our largest investments to date.
“In the period ahead, we will sustain our growth through a balanced portfolio approach that both increases installed capacity and strengthens the predictability of our revenues. Of the approximately 2,500 MW of planned additional capacity, 1,500 MW will come from overseas projects with guaranteed revenues, and 1,000 MW from our renewable energy investments in Türkiye supported by the Renewable Energy Resources Support Mechanism (YEKDEM). Upon completion of this investment programme, we aim to increase our installed capacity to 6,200 MW in 2029 and quadruple our EBITDA over five years to USD 841 million. We also plan to distribute dividends from our 2027 net profit. We are delivering this growth through a sustainable value creation model supported by disciplined capital management and operational excellence.”
A New 825 MW Investment in Ghana at Takoradi
As the next step in its growth in Ghana, Aksa Energy has added the 825 MW Takoradi Natural Gas Combined Cycle Power Plant to its investment portfolio. The project, which will be one of the company’s largest investments to date, is backed by a 20-year guaranteed power purchase agreement denominated in US dollars. Once Takoradi is completed, Aksa Energy’s total installed capacity in Ghana will reach 1,545 MW. Together with its investments in Senegal, Gabon and Burkina Faso, its total installed capacity in Africa will reach 2,240 MW.
1,000 MW of Growth in Renewable Energy with Storage
Developing a portfolio of approximately 1,000 MW of renewable energy with storage in Türkiye, Aksa Energy brought its first investments in this area into commercial operation in 2026. The 58 MW Gaziantep Pamuk Solar Power Plant with Storage became the company’s first operational renewable energy investment with storage, while the 50 MW Şanlıurfa RASA Standalone Electricity Storage Facility marked an important first in standalone storage in Türkiye. Aksa Energy continues to expand its investments in renewable energy with storage through projects in Kırşehir, Mersin, Kayseri and Manisa.
With the contribution of ongoing investments, the company will increase the share of renewable energy in its generation portfolio to approximately 20%.
An EBITDA Target of USD 841 Million
In the first half of 2026, Aksa Energy generated revenue of approximately TRY 20 billion, EBITDA of TRY 7.3 billion and net profit for the period of TRY 1.2 billion, while taking its EBITDA margin to a record high of 36%. Upon completion of its investment cycle, the company aims to achieve EBITDA of USD 841 million and an EBITDA margin of 42% in 2029, while reducing its Net Debt/EBITDA ratio to 1.7.
Diversified Financing and Long Term Funding
Aksa Energy supports its growth programme with long-term funding sourced from different geographies and backed by various guarantee mechanisms. Total financing secured by the company through Africa Finance Corporation for its investments in Africa has reached USD 450 million. Funding of USD 65 million with a 10-year tenor was secured for the Senegal project under a SERV guarantee, while USD 124 million with a 12-year tenor was secured for the Mersin Wind Power Plant with Storage under a Sinosure guarantee. The total value of 11-year loans obtained from the Industrial Development Bank of Türkiye (TSKB) for renewable energy and storage investments in Türkiye has reached USD 92 million.
