Palmet Energy A.Þ. was formed in 1984 and traded under the name of Palmet Metal Endustrie ve Tic A.S. This organization was restructured in 2007 and the name Palmet Energy A.Þ. was adopted. The changes that were implemented will allow Palmet Energy to place additional focus on its existing activities in the Power and Energy Sector and allow it to invest in future developments within the Wind, Hydro, Geothermal as well as Natural Gas Markets.
In November 2007, Palmet Elektrik formed Delta A.S. , this company is a Thermal Energy power producer, its first 60 MW turbine will be delivered from General Electric ( GE ) in the summer of 2008. Earlier this year, Palmet Electric, a division of Palmet Energy A.Þ., acquired Derebaþi Energy Limited, a Hydro Electric Generating Company. Palmet Electric is currently involved in research and development activities and is carrying out feasibility studies for Power Production in Hydro, Wind, Geothermal and Thermal-Sourced Electricity Generation.
In 2004, we converted our long-term consortium with Terasen Gas of Canada into a company named Palmet Terasen Joint Venture which was set up to provide EPC Services to the Turkish and Regional International Markets.
In 2005, International Finance Corporation and Export Development Canada provided financing to Palmet Energy in order to assist in the development of Natural Gas Distribution Networks within Turkey. Palmet Energy is the only Turkish company to have received International financing for its Natural Gas operations which we believe demonstrated clearly our credibility and ability to work with International organizations.
Palmet Energy A.Þ. has seen steady progress within the Natural Gas Sector. This includes being granted several Natural Gas Licenses by EMRA (Energy Market Regulatory Authority). These licenses are valid for a thirty- year period. We presently hold licenses for Palgaz, in the city of Gebze, Palen in the city of Erzurum.
Within the Palmet Energy Group, we formed in 2006 a Natural Gas Wholesale licensed company Gazport and are now one of a limited number of Wholesale Gas Licensed companies able to carry out Natural Gas Trading.
Delta Elektrik Üretim ve Ticaret Ltd. Þti. is the owner of a 64MW Natural Gas fired Combined Cycle Power Plant (CCPP) Project in the Thrace Region. The plant is going to be set in operation in 2009.
Palmet announced the formation of a new joint venture with the Canadian power production giant Manitoba Hydro. In the 25th year of its founding, Palmet strikes a partnership agreement with Manitoba Hydro International Ltd. (MHI) is a wholly owned subsidiary of Manitoba Hydro, Canada’s fourth largest electric utility. MHI provides electric utility expertise in the planning, design, construction, and operations management of generation, transmission, and distribution facilities to clients worldwide by using the human resources of its parent company Manitoba Hydro. Manitoba Hydro’s company profile, though it is considerably large compared to Palmet, resembles Palmet Energy’s as both companies are active in power production as well as city gas distribution sectors.
Palmet Energy has made four license applications for wind farm projects of which capacities are expected to total about 210 MW. The Company continues its project studies on Hydroelectricity Generation Stations
Palmet Energy A.Þ.’s Future Aspirations
- To continue to provide long-term investment in the Energy Market.
- To continue to develop its staff and provide in-house and external training.
- To remain at the forefront of technology.
- To continue to expand its Domestic and International Operations.
- To continue to strive to achieve the highest possible quality standards in all aspects of our operations.
- To never lose sight of the fact that our subscribers are our most important assets.
