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Closing: TotalEnergies Renewables Acquisition of 50% Stake in Ronesans Enerji Now Closed

Closing: TotalEnergies Renewables Acquisition of 50% Stake in Ronesans Enerji Now Closed

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On October 3, 2023, GKC Partners announced that TotalEnergies Renewables' acquisition of a 50% stake in Turkey's Ronesans Enerji (reported by CEE Legal Matters on August 18, 2023) had closed.

Ronesans Enerji is a Turkish energy-generating company operating hydroelectric power stations. Its portfolio currently includes 166 megawatts of hydro assets. It has also secured a pipeline of more than 700 megawatts of wind, photovoltaic, and battery storage assets.

TotalEnergies is a French multinational integrated energy and petroleum company founded in 1924 and one of the seven supermajor oil companies. TotalEnergies Renewables aims to be one of the world's top five renewable electricity producers and to reach 100 gigawatts of gross production capacity by 2030.

As previously reported, GKC Partners advised TotalEnergies Renewables, while the Esin Attorney Partnership advised Ronesans Holding's Ronesans Yenilenebilir Enerji on the sale. Ronesans Enerji will operate as a 50-50 joint venture run by Ronesans Holding and TotalEnergies.

"We are delighted to join forces with Ronesans, which has developed a diversified portfolio of assets including wind, hydro, and solar power," TotalEnergies Gas, Renewables & Power President Stephane Michel said. "Given the outlook for the Turkish market and the quality of the renewable sites in the country, we are convinced that this new partnership will be a further step towards our goal of developing our integrated power activity profitably. I'm delighted that it will also help boost Turkey's renewable energy sector."

"TotalEnergies' acquisition of a 50% stake in Ronesans Enerji and their mutual desire to develop renewable projects in Turkiye is a clear indication of the potential and importance of the Turkish renewable energy sector," commented GKC Partners Partner Emre Ozsar.

The GKC Partners team included Ozsar, Managing Partner Guniz Gokce, Partner Ates Turnaoglu, Tax Advisor Hakan Eraslan, Associates Asli Gulum, Gokcen Durgut, Can Argon, Emrehan Mermer, Lidya Ercan, Segenay Kerimoglu, and Esma Aktas, and Trainees Ayse Ezgi Oner and Batuhan Akarsu.

The Esin Attorney Partnership team was led by Partner Caner Elmas and included Senior Associate Sila Pinar and Associates Batuhan Hamamcioglu and Bertan Baskaya.

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