Yesil Global Enerji A.S.

Yesil Global Enerji A.S. (YGE), a Turkish joint stock company founded in 2007, is a leading private-sector operator in the waste-to-energy segment with an installed capacity of 125.86 MWe across six landfill gas-to-energy (LFG) power plants in Istanbul and Kocaeli provinces. YGE captures methane from municipal solid waste landfills operated by ISTAC and IZAYDAS, converting it into baseload renewable electricity sold primarily under Turkiye’s YEKDEM mechanism at a fixed 0.133 USD/kWh tariff, with 90% of production qualifying for USD-denominated revenue through at least 2030 for enrolled assets. The company generates approximately 2 million metric tons of verified carbon credits annually under Gold Standard and Verra standards. Financials for the six months ended June 30, 2025 show revenues of TRY 1,313.6 million (down 18.6% YoY due to hyperinflation adjustments), gross profit of TRY 433.7 million, and net profit of TRY 396.2 million, with EBITDA of TRY 902.9 million. As of June 30, 2025, total assets were TRY 12,913 million, equity TRY 8,707 million, and net debt TRY 738 million (debt-to-capital 7.81%). YGE is expanding into the U.S. via subsidiary Power Upp USA, Inc., acquiring oil/gas assets in Texas for natural gas-powered crypto mining and data centers. The F-1 filing proposes an IPO of [*] ADSs (each representing [*] ordinary shares) at [*] per ADS, raising net proceeds of US$[*] million primarily for North American operations (75%), R&D (10%), and working capital (15%). The investment thesis centers on YGE’s stable USD-linked revenues, high capacity utilization (>95%), carbon credit monetization, and U.S. growth in energy-intensive digital infrastructure amid Turkiye’s hyperinflationary environment.

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