YEO Technology Accelerates Its Overseas Investments
Turkey-based global energy giant YEO Technology Energy and Industry Inc. (YEOTK) has intensified its renewable energy investments in Romania, focusing on new projects. The company has entered into an agreement with Shanghai Electric Power Co Ltd (SEP), one of China's leading energy companies, for two solar power plants in Romania. An investment of 65.8 million euros is planned for the construction of the two plants, which will have a total capacity of 129 MWp. YEO Technology is expanding its investments to support Romania's green energy transformation.
Last month, YEO Technology announced its partnership with SEP, accelerating its investments in Romania through its subsidiaries. Under the agreement, the total capacity of the plants in Romania is aimed to reach 22,400 MWh. YEO Technology will also carry out the turnkey construction, including engineering services, high voltage transformer station installations, and energy transmission line setup. The Romanian Competition Authority approved this partnership, allowing the transfer of shares between the companies to the relevant units.
A Turkish imprint on Romania's energy sector Defic Globe, a subsidiary of YEO Technology, made the first large-scale Turkish investment in Romania with the completion of the Caracal Solar Power Plant last year. This plant, with a capacity of 18 MWp, has the potential to produce 26 GWh of energy annually, making a significant contribution to Romania's sustainable energy goals. Through these investments, YEO Technology aims to prevent approximately 32,300 tons of carbon dioxide emissions, showcasing its environmentally conscious approach.
Continuing its investments throughout 2024, the company has started construction on two solar power plants with capacities of 14.1 MWp and 7.2 MWp. Located in the city of Bobicesti, these plants will supply energy to the targeted region as part of Romania's green energy projects. These projects are expected to become operational in the second quarter of 2025, with a targeted electricity production of 34,400 MWh annually.
YEO Technology's global energy vision To support Romania's renewable energy goals, YEO Technology has joined the country's photovoltaic industry association, RPIA, and is preparing to open an office in Romania. Among the company's objectives is to reach 1 GW of capacity in the global arena by 2030. YEO Technology's CEO, Tolunay Yıldız, stated that the company is progressing towards becoming a significant player in the global energy sector with its focus on decarbonization, decentralization, and digitalization.
YEO Technology's investments in Romania, along with its global projects, are pioneering the recognition of Turkey in the energy sector abroad. Having successfully completed over 400 projects in more than 30 countries across three continents, YEO Technology continues its operations under the slogan "We believe it is possible" for a more livable world.