YEO Technology and Vodafone Join Forces to Establish Solar Power Plants in Turkey
Vodafone (VOD) will collaborate with YEO Technology to set up solar power plants across Turkey. With this partnership, Vodafone aims to meet 35% of its annual energy needs. The project will be established over a total area of 1.5 million square meters in the Central Anatolia, Mediterranean, Southeast Anatolia, and Eastern Anatolia Regions, making it Turkey's largest ESCO project. The $100 million investment planned by YEO Technology is stated to have an operational and maintenance period of 15 years. Throughout this duration, all generated electricity will be used solely by Vodafone Turkey.
Vodafone Turkey CEO Engin Aksoy noted that their sustainability vision aims to reduce environmental impact and increase energy efficiency. He stated that the collaboration with YEO Technology is a demonstration of their commitment to mitigating environmental impacts and transitioning to renewable energy. Furthermore, he highlighted that Vodafone sources all of its total consumption of 558 Gigawatt hours of electricity from renewable sources.
YEO Technology CEO Tolunay Yıldız regarded the project as a pioneering step for renewable energy investments in Turkey. Yıldız mentioned that they have previously executed similar projects with various brands but highlighted this as one of their largest collaborations with Vodafone Turkey. YEO Technology continues its operations under the slogan "We think it's possible," focusing on decarbonization, decentralization, and digitalization for a more livable world.
Within the Build-Operate-Transfer model, YEO Technology will assume the processes of developing, installing, and operating the solar energy facilities that will meet Vodafone's electricity needs. This collaboration aims to contribute to Turkey’s energy transition while addressing Vodafone's increasing energy requirements and supporting the country’s zero carbon goal. The project will assist Vodafone in decarbonizing its operations and accelerate the transition to a more sustainable future in the energy sector.
YEOTK is preparing to close October in the positive following a performance decline over the last two months. The stock, which rose nearly 6% on the last day of the month, peaked at 200 TL before selling pressures brought it down to the 193 TL level.
Having recorded a nearly 20% increase in value this month, YEOTK continues to perform with a 15% rise since the beginning of the year, despite previously showing weak performance.