GESAN Shares Why Did They Start to Rise? Here are the Details

Significant Increase in GESAN Shares

Girişim Elektrik (GESAN) started the day with an increase of over 9% after winning a major tender in the Turkish Republic of Northern Cyprus.

Tender Details

The company announced that it won the tender for the “GES, Integrated Electricity Storage Unit, High Voltage Transformer Center, and Electricity Transmission Line Project” conducted by SAN-HO Kuzey Enerji. In the announcement regarding the tender, it was stated that the base price of the work, excluding taxes, is 43.37 million euros. This amount corresponds to approximately 2.23 billion TL with the current euro/TL exchange rate.

Project Scope and Partnerships

In addition, it was expressed that the carrier construction, transformer kiosks, and transformer center switchgear products to be used in the installation of the solar power plant will be supplied by GESAN’s subsidiary Europower Enerji (EUPWR). Information was also shared that BYD's battery containers will be used for the project's storage system solutions. This indicates the importance of strategic partnerships.

Other Contracts and Market Reaction

Moreover, GESAN announced that it received invitations for contracts valued at approximately 750.56 million TL, excluding taxes, with Toroslar Elektrik, AYEDAŞ, and Başkent Elektrik yesterday. These developments seem to have increased investors' interest in GESAN shares.

Market Performance

Following this news, GESAN shares began trading with an increase of over 9% during the day. As of 10:48, the shares were trading at a price of 58.60 TL with an increase of 5.68%.

These developments present significant opportunities for investors; however, as always, investors need to conduct their own research and proceed with caution.