Benzinga | Jul 7, 2021 08:28AM EDT

Turkcell Iletisim Hizmetleri To Acquire Boyut Grup Enerji For $11.5M, Adjusting For Debt

* Turkcell Iletisim Hizmetleri AS (NYSE:TKC) agreed to acquire Boyut Grup Enerji, which owns the zmir Karada Wind Power Plant, to further its carbon neutral goal.

* The enterprise value of this transaction amounts to $29.6 million. Turkcell to make a payment of $11.5 million after adjusting for the net debt of Boyut Grup Enerji.

* Karada Wind Power Plant has an 18 MW installed capacity and an annual electricity generation capacity of 67.5 GWh.

* It has the potential to meet the annual electricity need of 22,500 houses.

* The plant has a state purchase guarantee until 2026 end.

* The anticipated annual gross revenue of the plant during the 2021-2026 period is $5 million.

* Turkcell Iletisim Hizmetleri held TRY13.5 billion in cash and equivalents as of March 31, 2021.

* Price action: TKC shares closed lower by 0.85% at $4.64 on Tuesday.