Recently, OME (Eurasia) Pte., Ltd. (hereinafter referred to as “OME Eurasia”) and Sonsuz Enerji Holding B.V. (hereinafter referred to as “Sonsuz”), wholly-owned companies of Kaishan Group Co., Ltd., have completed the equity transfer procedures for Transmark turnkey Gulpinar Yenilenebolir Enerji Uretim Sanayi (hereinafter referred to as “TTG”) in Izmir, completing the delivery procedures stipulated in the TTG Company Equity Subscription and Shareholders Agreement previously signed between OME Eurasia and Sonsuz. The new shareholder structure and board members of TTG have been published in Türkiye’s industrial and commercial institutions. At this point, OME Europe has become a shareholder holding 49% of TTG shares, with Sonsuz holding 51%.

TTG shareholder representatives and members of the new board of directors held their first board meeting in Izmir. The CEO reported to the board of directors on the company’s operations and the development of Türkiye’s energy and power markets. The board of directors discussed topics such as the company’s rules of procedure, operational processes, development plans and budgets for the TTG project, and financing planning.

Members of the first board of directors of the joint venture company (standing in the back row) and shareholder representatives

Note: TTG’s Transmark GPP project enjoys a fixed on grid electricity price of up to $105 per megawatt hour, and has a core license for 19 megawatt geothermal resource development and power station construction. The first phase of the power station (3.2 megawatts, constructed by a member company of Kaishan Group) has been in stable operation for nearly 2 years. In Türkiye, it is one of the few high-quality geothermal projects that can be developed, still enjoy high fixed electricity prices, and have relatively low risk of expanding resources.