Local energy firm receives nearly TL 3.5B incentive

Turkish energy company Polyak will be provided with a grand incentive for its new investment in a thermal power plant with an annual capacity of 708 megawatts (MW), to be established in the western province of İzmir.

An incentive certificate amounting to TL 3.47 billion has been given to Polyak Eynez Enerji for its investment in a completely new thermal power plant based on domestic coal.

According to the 2018 December investment incentive certificate list published in the Official Gazette yesterday, the Social Security Institution (SGK) employer's share support, tax relief, customs duty exemption and interest support and value-added tax (VAT) refund and exemption will be provided for seven years for Polyak Enerji's annual 708-MW thermal power plant.

According to the list, in December, 405 investments with a fixed investment amount of TL 14.7 billion were given incentive certificates that were granted various tax exemptions.

The Assan Aluminum company was granted an incentive certificate for its extended investment in a facility in Gebze amounting to TL 2.1 billion and capable of producing 96,720 tons of aluminum sheets and 77,919 tons of foils a year; Lodos Karaburun, an electricity production company, was granted an incentive certificate for its extended investment in a renewable energy systems production facility in İzmir amounting to TL 761.7 million and capable of producing 265 MW of energy every year, and Turkish clothing store chain LC Waikiki was granted an incentive certificate for its logistical services investments in Yalova amounting to TL 534.9 million, with a capacity of 120,000 pallets every year. The incentives give various tax and premium exemptions.