...February 14, 2025 We believe Aydem Renewables' capital expenditure (capex) program is slowing and will be more manageable over the next two years. The company added 160 megawatts (MW) of installed capacity in 2023, with no new capacity in 2024, and we anticipate only about 36 MW of wind capacity will be commissioned in 2025. This is in our view minimal growth relative to total installed capacity of 1,180 MW. Aydem has a history of reducing and delaying capex, providing additional flexibility to its balance sheet. The group's ambitions have slowed compared with its communications at the start of 2024; it is now targeting 1,338 MW of total installed capacity at the end of 2027, whereas earlier it had aimed for 1,393 MW at the end of 2026. Aydem's battery storage project is currently not included in our base case. The lower capex programis due to the delay and increased conditionality for a proposed 500 MW of battery storage integrated with additional renewable capacity (400 MW solar and 100...
