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Aksa Energy, Türkiye’s largest publicly listed independent power producer, sustained its strong operational and financial performance in the first quarter of 2026, supported by its globally diversified portfolio structure, foreign currency-based revenue model, and disciplined investment approach. Continuing its investments across Türkiye, Africa, and Central Asia, the Company generated TRY 3.3 billion EBITDA in the first three months of the year, increasing its EBITDA margin to 33%.
Operating 12 power plants across 7 countries with an installed capacity exceeding 3,000 MW, Aksa Energy announced its consolidated financial results for the first quarter of 2026. Supported by its long-term USD-based guaranteed sales agreements, geographically diversified operational structure, and disciplined financial approach, the Company maintained its strong profitability performance and recorded a net profit of TRY 565 million in the first quarter of the year. Aksa Energy’s consolidated revenues reached TRY 10 billion, while EBITDA amounted to TRY 3.3 billion. The EBITDA margin increased by 4 percentage points year-on-year, reaching 33%.
At a time when energy supply security and access to financing continue to maintain strategic importance on a global scale, Aksa Energy continued to generate strong cash flow through the portfolio balance provided by geographical diversification, high operational efficiency, and its predictable revenue structure.
In the first quarter of 2026, Aksa Energy made significant progress in two core areas of its growth strategy: operational capacity expansion and a strong financing infrastructure. The Company commissioned the first phase of the Kumasi Natural Gas Combined Cycle Power Plant in Ghana with 130 MW installed capacity in simple cycle operation in January, while further strengthening its long-term financing structure supporting investments in Africa through a new USD 300 million loan agreement signed with Africa Finance Corporation (AFC).
Evaluating the Company’s first quarter results, Aksa Energy CEO and Board Member Naci Ağbal stated: “The first quarter of 2026 was marked by a continued increase in global energy demand, while energy supply security and access to financing gained even greater strategic importance. As Aksa Energy, we maintained our strong financial performance during this period through our diversified geographical portfolio, foreign currency-based revenue structure, and disciplined investment approach, while continuing to execute our sustainable high-growth strategy with determination. Through our investments in Türkiye, Africa, and Central Asia, we are not only increasing our installed capacity, but also developing sustainable projects that contribute to the energy infrastructure of the countries in which we operate over the long term. Reaching 130 MW installed capacity in simple cycle operation in the first phase of our Kumasi Power Plant in Ghana, together with our financing partnership with Africa Finance Corporation, which has reached a total of USD 450 million, has become a strong indicator of the trust placed in us internationally. In the upcoming period, we will continue to support our sustainable high-growth strategy through our strong balance sheet structure, advanced engineering capabilities, and flexible business model. As the energy transition accelerates, we will continue to create value on a global scale by taking an active role in both conventional energy investments and next-generation energy solutions.”
The first phase of the Kumasi Natural Gas Combined Cycle Power Plant, which Aksa Energy continues to invest in Ghana, has reached 130 MW installed capacity in simple cycle operation. With the plant gradually reaching full capacity, it is aimed to provide a long-term and sustainable contribution to Ghana’s increasing energy demand.
Developed under a 20-year USD-based guaranteed sales agreement, the financing, engineering, construction, operation, and maintenance processes of the Kumasi Power Plant are all carried out by Aksa Energy. The project stands out as one of the key building blocks of the Company’s long-term growth strategy in Africa.
In the first quarter of the year, Aksa Energy signed a new USD 300 million loan agreement with Africa Finance Corporation (AFC) to be utilized in the financing of its energy investments in Africa. Following the USD 150 million financing secured in June 2025, the total financing amount signed with AFC has reached USD 450 million through this new agreement.
This financing structure is designed not only to support Aksa Energy’s existing investments in Africa, but also to provide strong financial flexibility for the Company’s future growth projects.
Aksa Energy will continue to create sustainable value on a global scale and further strengthen its position in the energy sector through its investments extending from Türkiye to Africa and Central Asia.
