Galata Wind Energy, which generates 100% clean and renewable energy at its wind and solar power plants, delivered strong financial performance in Q3 2022 and captured significant increase in its cash flow. Despite the ongoing global energy crisis and macroeconomic uncertainties, the company increased its revenues by 161% to TL 863 million in the first nine months of 2022.
Galata Wind, the wind and solar power generation company, announced its Q3 2022 results. According to the latest financial statements, Galata Wind maintains its strong performance with continued economic growth. In Q3 2022, Galata Wind preserved its EBITDA margin at 85% while capturing a net debt/EBITDA ratio of 0.03. In addition to growing its revenues by 161% to reach TL 863 million, Galata Wind also posted TL 705 million in profits before tax with an increase of 466%. The company's balance sheet improved by 42% year on year.
Clean energy investments continue
The company, which has realized its growth vision much faster since the public offering, aims to increase its current 269 MW portfolio to 500-550 MW in the near future. Accordingly, the request for coordinating the auxiliary source area in the generation license of the hybrid project at Galata Wind's Taşpınar Power Plant was approved by EMRA. In addition, Galata Wind, which has an annual electricity generation capacity of approximately 800 GWh, was also approved to increase its total installed capcaity of 67.2 MWm/60 MWe to 80.2 MWm/73 MWe at Taşpınar Wind Power Plant (WPP). Thus, it will be possible to add two new turbines to Taşpınar WPP, which continues its activities with 14 turbines. In addition to these, the Company has taken over the license for a wind power plant with an installed capacity of 9 MWm/6.8 MWe to operate in the province of Muğla.
Charging toward targets with sustainable and green financing
As part of its efforts to invest more in renewable energy to reach its sustainable development goals, Galata Wind filed an application with the CMB for the issuance of bonds/other instruments as a green financing instrument to be sold to qualified investors and/or private placement for a total nominal value not to exceed TL 500,000,000.
Galata Wind signed a loan agreement with the EBRD to receive a financing of US$ 45 million to support its investments. With the planned capacity increases, it will be possible to reduce approximately extra 80,000 tons of CO2 carbon emissions by generating an additional annual average of 150,000 MWh of electricity.
Burak Kuyan, CEO, Galata Wind, commented on the company's Q3 performance and the loan agreement signed with the EBRD: “This year, we became a signatory to the United Nations Global Compact, declaring our commitment to the ten principles. In line with our vision of integrating sustainability management into all our processes and supporting the United Nations Sustainable Development Goals, we will expand our renewable energy capacity with new investments and contribute further to the reduction of carbon emissions, which for us currently amount to 400,000 tons of CO2 every year. The loan that EBRD has provided will facilitate our efforts to reach our mid- and long-term renewable energy targets. We envision an even brighter future for clean energy companies like Galata Wind, which will play an increasingly more significant role in economic growth through a stronger global sustainability focus.”