Erkan Kafadar, CEO of Turkey-based Borusan Holding, has stated that the company will invest a total of $1.4 billion over the next three years, and that TRY 31.2 billion and TRY 9.6 billion of this investment - of which the overall total will correspond to TRY 63 billion in the domestic currency - will be allocated for production and the energy sector, respectively, according to a report in the Turkish daily newspaper Dünya.
Stating that the company plans to allocate TRY 20.8 billion of the total investment to establish a new coating plant with a capacity of 500,000 mt at group subsidiary Borçelik’s Gemlik plant, Mr. Kafadar said that the plant will substitute imported products. He stated that the coating plant, which will mainly produce for the automotive and white goods sectors, will enable Borçelik to refurbish all the lines built before 2000 by making minimal additional investments.
The company also plans to meet approximately six percent of the wind energy production in the country by investing in wind and solar energy projects. The company’s CEO also added that Borusan’s Saros power plant will be one of the largest wind energy-solar energy hybrid plants in the country.