Akfen Holding signed a Shareholders Agreement with European Bank for Reconstruction and Development for a 20% stake in a renewable energy company that will be structured through the consolidation of subsidiaries operating in the renewable energy area, Akfenhes, Akfenres, Akfen Wholesale and following transfer to Karine SPP under one roof, for a consideration of US$100 million. The negotiations between Akfen Holding and the European Bank for Reconstruction and Development (EBRD), with regards to EBRD’s equity investment Akfen Holding’ subsidiaries Akfenhes (Akfen HEPP), Akfenres (Akfen WPP) and Karine (Karine SPP) that owns special purpose companies investing in solar power plants, have been finalized. As a result of the negotiations Akfen Holding signed a Shareholders Agreement with European Bank for Reconstruction and Development for a 20% stake in a renewable energy company that will be structured through the consolidation of subsidiaries operating in the renewable energy area, Akfenhes, Akfenres, Akfen Wholesale and following its transfer to Karine (Karine SPP) under one roof, for a consideration of US$100 million. Commenting on the agreement, Akfen Holding Suha Gucsav underlined the importance of the role energy related investments carry for growth targets of the company and said: “The amount that EBRD will transfer to the newly structured renewable energy company will be used for ongoing and future investments.” The shareholders agreement between Akfen Holding and with European Bank for Reconstruction and Development is expected to contribute extensively to Akfen Energy Group’s strategy to create long term value. Accordingly company will also have a more Strengthened features such as corporate governance, transparency and accountability with the optimization of capital structure, EBRD’s multinational identity and domestic presence will enable Akfen Energy Group to work with market regulators, decision makers and every other stakeholders more efficiently.