YEO Technology to Invest $100 Million in Build-Operate-Transfer Solar Energy Project in Collaboration with Vodafone

Forex - Vodafone (LON: VOD) has joined forces with YEO Technology to establish solar power plants (SPPs). The project, which will be implemented with an investment of approximately $100 million by YEO Technology, will be the largest project executed in Turkey through the ESCO (Build-Operate-Transfer) business model. With the plants to be established on approximately 1.5 million square meters in the Central Anatolia, Mediterranean, Southeastern Anatolia, and Eastern Anatolia Regions, 35% of Vodafone Turkey's existing annual energy needs will be met.

Vodafone, operating with the vision of leading Turkey's digitalization, continues its activities with confidence in the future of the sector and the country. By signing a contract for the installation of solar power plants based on the ESCO (Build-Operate-Transfer) model with YEO Technology, which currently offers energy and industrial solutions in over 30 countries, Vodafone will cover 35% of its existing annual energy needs with the plants established over approximately 1.5 million square meters in the Central Anatolia, Mediterranean, Southeastern Anatolia, and Eastern Anatolia Regions. The project, targeted to be realized with an investment of around $100 million by YEO Technology, will be the largest ESCO project in Turkey. The project aims to produce a total of 3,000 GWh of electricity with an operation and maintenance period set at 15 years. All the energy produced in these facilities to be constructed by YEO Technology will be used exclusively by Vodafone Turkey for 15 years.

Vodafone Turkey CEO Engin Aksoy stated: “As Vodafone, we have been investing in renewable energy projects for many years to reduce our environmental impact and increase our energy efficiency in line with our sustainability vision. Furthermore, we provide 100% of the total 558 Gigawatt-hours of electricity consumed annually across 11 technology centers, 15 office buildings, and over 25,000 base stations through renewable energy sources. With the new contract we signed with YEO Technology, we are taking our sustainability efforts one step further. Under this contract based on the Build-Operate-Transfer model, YEO Technology will establish solar energy facilities that will meet 35% of our existing annual energy needs. Additionally, it will play a significant role in our transition to renewable energy by undertaking land development, capacity allocation, the establishment of facilities, and 15 years of operation. This collaboration strengthens our determination to reduce our environmental impacts and shift towards renewable energy sources, in line with our sustainability vision. As Vodafone, we will continue to contribute to the sustainable growth of our country.”

CEO of YEO Technology Tolunay Yıldız remarked that the project represents a pioneering step for renewable energy investments in Turkey: “As YEO Technology, we have successfully completed over 400 projects in more than 30 countries across three continents, while continuing to contribute to the energy transition in Turkey and the world. In the past, we had undertaken similar projects with various brands wanting to produce their own energy; however, we are now bringing our biggest collaboration to life with Vodafone Turkey. This project will not only reduce environmental impact but will also serve as a model for our country. With our focus on decarbonization, decentralization, and digitalization, which we define as 3D, we will continue to work under the slogan 'It is possible for us' to create a more livable world.”

The Build-Operate-Transfer model will be implemented. Under the new contract, YEO Technology will undertake processes such as project development, turnkey installation, operation, and financing to meet Vodafone's electricity consumption. Accordingly, YEO Technology’s responsibilities will include locating the land for constructing the facilities, securing usage rights, obtaining call letters, preparing Environmental Impact Assessment (EIA) reports, tracking zoning processes, acquiring building permits, obtaining approvals and licenses, constructing the solar plant, establishing the high-voltage transformer center and energy transmission lines, securing financing, and operating the facilities.

Vodafone is pioneering solutions in the industry. In addition to managing increasing energy demands and costs, Vodafone conducts its operations with an awareness of energy efficiency within the framework of sustainability priorities. The company has recently implemented pioneering solutions in the sector with solar energy projects developed for data centers and office buildings.

Contributing to Turkey's overall zero carbon goal, Vodafone Group aims to achieve net-zero in its carbon footprint across its entire value chain, including Scope 3 emissions, by 2040. In this regard, it continues to work on increasing energy efficiency, transitioning to renewable energy sources, and neutralizing remaining emissions through carbon balancing. Vodafone's efforts to make its operations more sustainable by using electricity obtained from renewable energy sources are highlighted as a significant step contributing to Turkey's net-zero carbon goal. The project to be established with YEO Technology will help decarbonize Vodafone's operations, and a larger portion of Vodafone's electricity consumption will be covered by renewable energy. Furthermore, in collaboration with YEO Technology, Vodafone's investment will help grow the energy sector in Turkey, accelerating the transition to a more sustainable and cleaner future in the energy field.