Orion Capital Partners

Large assets, few foreign bidders.

Mines, power plants and gas networks change hands at scale: USD 6.8bn of disclosed value since January 2023, second only to technology. Turkish groups made most of the purchases; foreign buyers took part in 22 of 184 transactions, for infrastructure and mining.

184
transactions since January 2023
6.8
USD bn of disclosed value
144
by strategic buyers
  • Foreign buyer
  • Turkish fund
  • Turkish strategic
  • Not recorded

The market

122.5
GW of installed power capacity at the end of 2025, 62% of it renewable
39.9
GW of solar and wind, a third of the 120 GW targeted for 2035
6.2
USD bn of mining exports in 2025

Ministry of Energy and Natural Resources, installed capacity at the end of 2025 and the 2035 target (January 2026, via Anadolu Agency). İMİB, Maden Sektörü Görünümü 2025, from TİM export data.

The pattern

Strategic buyers lead.

Strategic buyers made 144 of 184 energy transactions since January 2023, most of them Turkish groups building portfolios of mines, plants and networks. The median disclosed transaction was USD 10.5m, against USD 1.1m in technology.

Other and unrecorded: every transaction that is not an acquisition or a minority stake, including those without a recorded type. Percentages: acquisitions as a share of transactions with a recorded type.

What drives the market

Four themes, named transactions.

Global capital comes for pipelines and mines

Foreign investors take positions in infrastructure and mining projects with hard-currency returns.

1.0USD bn, Apollo for 25% of BP’s TANAP holding company, 2025
  • Apollo Global Management , target: BP’s TANAP holding company (25%)USD 1.0bn
  • SSR Mining , target: Hod Maden (up to 40%)USD 270m

Gas networks consolidate

City gas distribution networks are bought by groups that already run networks elsewhere; EPDK approves each change of ownership.

200USD m, Palmet for Zorlu’s gas distribution business, 2024
  • Palmet Enerji , target: Zorlu Enerji Dağıtım (gas)USD 200m
  • A Doğal Gaz ve Elektrik (Ahlatcı) , target: Armagaz networkEPDK tender
  • A Doğal Gaz ve Elektrik (Ahlatcı) , target: Çordaş networkEPDK tender
  • Aksa Doğalgaz , target: Bursagaz and KayserigazAcquisition

Renewables: auctions add capacity, owners trade plants

The state adds wind and solar capacity through YEKA auctions, and operating plants change hands between owners.

1,800MW of wind and solar awarded in the 2025 YEKA rounds
  • Rönesans Yenilenebilir Enerji , target: Gökçedağ wind farmUSD 121m
  • TotalEnergies , target: Rönesans Enerji (renewables)50%

Mines change hands at scale

Gold, copper and zinc projects drew some of the largest tickets in the sector; a licence transfer needs the ministry’s approval.

470USD m, Tümad for Doğu Biga Madencilik, 2025
  • Tümad Madencilik , target: Doğu Biga MadencilikUSD 470m
  • Cengiz İnşaat , target: Çayeli copper and zinc mineUSD 340m
  • CVK Maden , target: Virtus Mining (70%)USD 159m
  • ACG Acquisition Company , target: Polimetal MadencilikAcquisition
Who buys

Foreign buyers in Turkish energy.

Foreign buyers took part in 22 of 184 energy transactions since January 2023. They come for infrastructure and mining, and they buy large: Apollo, SSR Mining, ACG and TotalEnergies.

  1. Switzerland4
  2. Canada4
  3. Germany4
  4. United Kingdom3
  5. United States2
  6. UAE1
  7. France1
  8. Belgium1
  9. Azerbaijan1
  10. Poland1

Transactions with a foreign buyer, by the buyer’s own country.

Control

Largest control transactions since January 2023.

YearTarget and buyerStakeValue
2026Anagold Madencilik (Çöpler mine)Cengiz Holding TR80%USD 1.5bn80%
2025Çayırhan power plant and lignite enterpriseAkçadağ İnşaat Enerji Madencilik TR100%USD 549m100%
2025Doğu Biga MadencilikTümad Madencilik TR100%USD 470m100%
2026Çayeli copper and zinc mineCengiz İnşaat TR100%USD 340m100%
2025İç Anadolu CCGT plantSOCAR Türkiye TR100%USD 225m100%
2024Zorlu Enerji Dağıtım (gas)Palmet Enerji TR100%USD 200m100%
2025Gökçedağ Rüzgar EnerjiRönesans Yenilenebilir Enerji TR100%USD 121m100%
2026Hez Enerji İnşaatMargün Enerji TR100%USD 106m100%
Growth capital

Largest fund investments.

YearCompany and investorStakeValue
2025BP’s TANAP holding companyApollo Global Management US25%USD 1.0bn25%
2023Greeneco Enerjiİş Bankası TR50%USD 130m50%
2024Kartal Yenilenebilir EnerjiGüler Yatırım Holding and co-investors TR50%USD 24m50%
2025Ignis H2 Energyalfa8 and co-investors DEMinorityUSD 14mMinority

Globalscope Partners

Energy: the network at work.

Recent energy transactions advised by Globalscope member firms in other markets. When the buyer for a Turkish company is abroad, the member firm there works with us; the network spans 51 countries.

Orion view

What this means for a buyer.

  1. The sellers are Turkish groupsThree in four Turkish energy and natural resources companies with 50 or more employees are family owned or part of a Turkish group, and 3% are foreign owned. A foreign buyer competes with domestic strategics who know the assets and move quickly.
  2. Tickets are largerThe median disclosed energy transaction since January 2023 was USD 10.5m, nearly ten times technology’s, and seven transactions exceeded USD 250m.
  3. Licences shape the dealMining and generation licences, offtake terms and regulatory approvals decide value and timing; they are diligenced first.

Source: Orion Capital Partners’ register of Turkish M&A, January 2023 to September 2026.