Aksa Enerji targets 6,200 MW capacity and $841m EBITDA by 2029

What happened

Aksa Enerji set out a 2029 target of 6,200 MW of installed capacity and EBITDA of $841 million at its 2026 analyst meeting. The targets depend on completing its current investment programme.

The company said the programme is intended to add about 2,500 MW. Projects outside Türkiye with contracted revenue are expected to supply 1,500 MW, while renewable developments backed by Türkiye’s YEKDEM support mechanism are expected to provide the remaining 1,000 MW.

Aksa Enerji reported that it invested $1.7 billion in 15 projects during 2024–2026: eight thermal projects and seven renewables projects with storage. It currently has 3,700 MW of capacity across 15 plants in eight countries.

In the first half of 2026, the company recorded revenue of about TL20 billion, EBITDA of TL7.3 billion and net profit of TL1.2 billion. Its EBITDA margin was 36%. For 2029, it is targeting a 42% EBITDA margin and net debt to EBITDA of 1.7.

Why it matters

The planned Turkish capacity is centred on renewables paired with storage and supported by YEKDEM. Aksa Enerji said its domestic portfolio is close to 1,000 MW. A 58 MW solar plant with storage in Gaziantep and a 50 MW standalone electricity-storage facility in Şanlıurfa have entered commercial operation. Further projects are planned in Kırşehir, Mersin, Kayseri and Manisa.

For the company, the programme combines supported Turkish renewable assets with overseas projects that have revenue guarantees. This mix is central to its stated capacity and earnings targets.

Background

In Kazakhstan, Aksa Enerji commissioned the 264 MW Kyzylorda plant in 2026, taking its Central Asian capacity to 1,484 MW. In Ghana, the first 179 MW stage of the Kumasi plant’s conversion to combined-cycle operation has been completed.

The company also holds a 20-year, US dollar-denominated guaranteed power-sales agreement for the 825 MW Takoradi combined-cycle gas plant in Ghana. It expects Takoradi to lift its Ghana capacity to 1,545 MW. Senegal, Gabon and Burkina Faso investments are intended to bring its African capacity to 2,240 MW.

What's next

Aksa Enerji expects Senegal and Gabon projects to enter operation by the end of 2026. It also said it plans to distribute dividends from 2027 net profit. The wider investment programme is scheduled to support the company’s 2029 capacity and EBITDA goals.