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Zorlu Energy, a subsidiary of Türkiye’s Zorlu Holding, announced Tuesday that it has completed the sale of its remaining stake in Israel’s Dorad Power Station, effectively ending all of its electricity generation and sales operations in the country.
The company announced that it has finalized the sale of its 25% stake in Dorad Energy, an independent power producer operating a major natural gas-fired power plant in Ashkelon.
With this latest move, Zorlu Holding has formally exited all electricity generation and sales activities in Israel, amid a restructuring process as its debt nears $4.9 billion (198 billion Turkish lira).
On July 15, Zorlu Energy confirmed the sale of a 10% stake in Dorad to Phoenix Group for 282.9 million shekels ($84.5 million), with the remaining 15% to be acquired by existing shareholders Ellomay Luzon Energy Infrastructures Ltd. and Edelcom Ltd. through a pre-emptive rights agreement.
The transaction marks the conclusion of a withdrawal process that began last year with the transfer of Zorlu's shares in two other Israeli facilities: the Ashdod and Ramat Negev natural gas power plants.
Zorlu Energy CEO Elif Yener said the decision is consistent with the company’s long-term strategy to phase out fossil fuel-based investments and prioritize sustainable energy initiatives. She emphasized that Zorlu aims to become a leading player in the transformation of the energy sector.
“This step is a strong indicator of our determination to end fossil fuel-based investments,” Yener said. “We are focusing all our resources and energy on expanding renewable energy, advancing R&D, and investing in future-oriented energy technologies.”
Zorlu Energy operates as an integrated energy provider in Türkiye, with activities spanning electricity production, trade, distribution, solar panel sales, and electric vehicle charging station services. The company stated that 100% of its domestic electricity production is sourced from renewables, and that it is committed to low-carbon solutions and greater resource diversity.
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