Turkey’s Kocaer to invest in renewable energy and value-added steel

Tuesday, 16 August 2022 13:49:05 (GMT+3)   |   Istanbul
       

Turkey-based Kocaer Çelik has announced the details of the investments it will make with its public offering revenues.

The company will spend 65-70 percent of its public offering revenues on investment expenditures, including renewable energy and value-added new products, as SteelOrbis previously reported.

In this context, Kocaer Çelik has signed a contract for the construction of a 2 million kWh rooftop solar power plant in addition to its existing 13 million kWh rooftop solar power plants (SPPs). The company is carrying out feasibility studies and negotiations for a 15 million kWh wind power plant and a 15 million kWh land SPP installation. Thus, the company aims to meet almost all of its energy needs with a total of 45 million kWh of electricity to be obtained from renewable energy sources.

In addition, the company will invest some of the public offering revenues in larger and more powerful machinery and equipment to be used in the production process for new value-added steel products.


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