Energy Deals 2025

The loss of momentum in the energy deals in Türkiye that started in 2022 has been finally reversed in 2025. 38 energy deals generated an estimated total value of USD 3 billion, tripling the 2024 figure of USD 1 billion.

The drivers behind this strong performance despite the macroeconomic uncertainties and ongoing challenges in deal financing were the materialisation of the long-awaited interest in some high-value thermal PPs, pre-IPO preparations by some renewable energy companies to improve the attraction of their portfolio, industrial players’ strategy to control their energy costs, ongoing consolidation in the natural gas distribution market and interest in midstream gas by large infrastructure funds. 

We expect the following topics to potentially shape the deal environment in the Turkish energy market in 2026: Macroeconomic developments, Fund flow from international financing institutions, Potential consolidation in the EV charging infrastructure market, Potential foreign interest in the local battery manufacturers, IPOs by utility companies, Industrial players’ moves to cut energy costs, Privatisations, YEKA auctions, and Resumption of deal activity in fuel and LPG retail.

Now ending 2025 with a remarkable recovery, we reiterate our confidence in the potential the of the Turkish energy market and the possibility to realise it with the right policies and strategic partnerships. Meanwhile, we also like to emphasize the need for a conducive macroeconomic environment with more visibility, the dissemination of the energy transition efforts to all industries and the creation of new attraction points for Türkiye to get its fair share from the strong global deal environment. And we hope that hosting the COP 31 in Türkiye in 2026 will bring a new momentum to these efforts.