The Great Pivot: How a Food Company Transformed into a 4.6 Billion Lira Green Energy Powerhouse

In 2009, the company now known as Lydia Yeşil Enerji Kaynakları A.Ş. was a modest venture named Taze Kuru, focused on the sun-dried fruit market. By 2021, it had transitioned into Tetamat Gıda, a food investment vehicle. But to understand the Lydia of late 2025, one must look past the agricultural roots and into the machinery—both literal and financial—behind a radical, multi-billion lira metamorphosis.

This is not a simple rebranding; it is a total structural rebirth. Finalized through a “simplified merger” (kolaylaştırılmış usulde birleşme) in June 2025, the company absorbed its subsidiaries, Birinci Enerji and Taze Kuru Net, consolidating its solar assets and emerging as a lean, high-stakes hybrid of an energy producer and an investment holding.

Here are the five essential takeaways from Lydia’s 2025 performance.

1. The Zero-Employee “Plug-and-Play” Model

Perhaps the most disruptive aspect of Lydia’s operational strategy is its headcount. Despite managing a balance sheet exceeding 4.6 billion TL, the company ended 2025 with zero direct employees.

Lydia operates as a “plug-and-play” corporate machine. Instead of maintaining a costly internal workforce, the company outsources its entire technical, regulatory, and operational infrastructure to Lydia Holding A.Ş.

The company’s 2025 Activity Report confirms that all personnel requirements are provided via “dış hizmet alımı” (external service procurement).

From a strategy perspective, this model allows for extreme scalability and lean overhead. However, it also creates a unique corporate “interdependency”—Lydia Yeşil Enerji exists as a high-value asset shell that relies entirely on the parent holding’s expertise to function.

2. The Çankırı Solar Bedrock

If the corporate structure is virtual, the assets are very much physical. Lydia’s energy division is anchored by the “Yörük” solar power plant cluster in the Central District of Çankırı.

As of the December 31, 2025 report, the footprint includes:

• Assets: Five distinct solar plants (Yörük 1 through Yörük 5).
• Capacity: A total installed capacity of 6,290.60 kWp.
• Strategy: The plants operate as “unlicensed” (lisanssız) production units under EPDK (Energy Market Regulatory Authority) regulations.

This is a defensive masterstroke. By operating under these specific renewable regulations, Lydia secures a revenue stream that is largely price-protected or inflation-indexed. This provides the stable, “green” bedrock necessary to support its more aggressive financial maneuvers.

3. The 4-Billion-Lira Portfolio Pivot

The most significant financial shift between 2024 and 2025 wasn’t just growth—it was a massive reclassification and revaluation of assets. At first glance, the jump in non-current financial investments from 0 TL to 4.09 billion TL looks like a miracle. In reality, it reflects the company’s strategic stake in Ufuk Yatırım Yönetim ve Gayrimenkul A.Ş.

• 2024 Context: The company held 1.78 billion TL in current financial investments.
• 2025 Transformation: These holdings—specifically 2,319,000 nominal shares of Ufuk Yatırım—were revalued and shifted to the non-current portfolio, reaching a valuation of 4,099,992,000 TL.
• Total Asset Growth: Lydia’s total assets surged from 2.51 billion TL to 4.61 billion TL, representing an 84% expansion in a single year.

4. Profitability and the “TMS 29” Factor

Lydia reported an eye-watering Net Period Profit of 2,055,155,995 TL for 2025. While the company’s investment activity income (2.34 billion TL) was the primary engine, a savvy analyst must look at the impact of high-inflation accounting (TMS 29).

In an economy defined by rapid price shifts, Lydia’s bottom line was bolstered by a 313,020,625 TL “Net Parasal Pozisyon Kazancı” (Net Monetary Position Gain). This figure represents the gain in purchasing power achieved by managing monetary liabilities against non-monetary assets. Essentially, Lydia isn’t just winning on energy production; it is winning the battle against inflation through sophisticated balance sheet management.

5. Regulatory De-risking: The Powerhouse Board

Lydia’s Board of Directors signals a move toward “Regulatory De-risking.” In the complex, state-regulated world of Turkish energy and capital markets, who you have at the table is as important as what you have in the ground.

The board features a blend of government veterans and financial heavyweights:

• Enver Çevik (Chairman): The visionary architect behind the Lydia Holding ecosystem.
• Dr. Semra Demircioğlu (CEO): A PhD economist and market commentator with a background in fintech and risk management.
• Osman Dereli (Independent Member): The former President of MASAK (Financial Crimes Investigation Board), providing unparalleled insight into regulatory compliance.
• Ergin İçenli (Independent Member): Former General Manager of Turkey Sugar Factories, bringing deep experience in state-run industrial sectors.

The board’s Bağımsızlık Beyanı (Independence Declaration) emphasizes their commitment to “strong ethical standards, professional reputation, and experience.”

By placing a former MASAK head and a state-industry veteran on the board, Lydia has effectively built a “regulatory moat,” ensuring the company can navigate the intersection of government policy and private investment with high-level institutional credibility.

The Future of Lydia

By the close of 2025, Lydia Yeşil Enerji has successfully navigated its transition from a sun-dried fruit processor to a 4.6 billion TL green energy and investment powerhouse. Through the simplified merger, it has streamlined its operations, leaving behind the “Tetamat Gıda” era for a future defined by solar kilowatts and high-value equity stakes.

The question for the market remains: Is this outsourced, hyper-lean model—managing billions with zero direct staff—the blueprint for the next generation of Turkish energy holdings, or is Lydia a unique outlier that only works because of the weight of its elite board?

Lydia Yeşil Enerji Kaynakları A.Ş. 2025 Briefing Document

Executive Summary

Lydia Yeşil Enerji Kaynakları A.Ş. (“the Company”) has successfully transitioned from a food-focused investment entity (formerly Tetamat Gıda Yatırımları A.Ş.) into a specialized renewable energy producer. The fiscal year ending December 31, 2025, marks a period of significant structural consolidation and exceptional financial growth, primarily driven by investment valuations and a strategic pivot to solar energy.

The Company reported a net profit of 2.055 billion TL for 2025, a substantial increase despite a decrease in operational revenue compared to the previous year. This performance was largely underpinned by investment activity gains of 2.34 billion TL, notably the value appreciation of shares in Ufuk Yatırım Yönetim ve Gayrimenkul A.Ş. Structurally, the Company achieved a simplified corporate architecture by merging its 100% subsidiaries—Birinci Enerji Üretim A.Ş. and Taze Kuru Net Gıda Pazarlama A.Ş.—into its own legal entity on June 30, 2025.

Currently, the Company operates five Solar Power Plants (GES) in Çankırı with a total installed capacity of 6,290.60 kWp. Its equity stands at 3.548 billion TL, reflecting a robust capital position as it continues to align its operations with the Energy Market Legislation.

——————————————————————————–

1. Corporate Profile and Strategic Transformation

1.1 Evolution and Sector Pivot

The Company has undergone a multi-stage transformation to arrive at its current structure:

• 2009: Established as Taze Kuru, a Limited Company.
• 2012: Converted to an Anonymous Company (A.Ş.) and held its IPO on the BIST Emerging Companies Market.
• 2021: Renamed to Tetamat Gıda Yatırımları A.Ş.
• August 27, 2024: Shareholders approved a fundamental change in the Company’s purpose to energy production and renamed the entity to Lydia Yeşil Enerji Kaynakları A.Ş.

1.2 Core Business Objectives

The Company’s primary mission includes:

• Producing electricity and heat energy from renewable sources (solar, hydrogen, wind, hydro, etc.) under Energy Market Regulatory Authority (EPDK) licenses.
• Wholesale and retail sale of produced energy to licensed legal entities and free consumers.
• Manufacturing, trading, and installing energy plant components (turbines, generators, solar panels).
• Developing biological and chemical treatment waste recovery units.

——————————————————————————–

2. Operational Assets and Solar Energy Portfolio

The Company’s operational footprint is centered in Çankırı, where it generates electricity for sale to distribution organizations under renewable energy regulations.

2.1 Lydia Yenilenebilir Enerji GES Details

The Company holds a $5,000,000 insurance policy covering its facility, machinery, and equipment as of the end of 2025.

——————————————————————————–

3. Structural Consolidation and Mergers

In 2025, the Company executed a “simplified merger” (kolaylaştırılmış usulde birleşme) to reduce operational overhead and align with its structural transformation.

• Entities Absorbed: Birinci Enerji Üretim A.Ş. and Taze Kuru Net Gıda Pazarlama A.Ş.
• Rationale: To decrease operational costs and administrative burden following the pivot away from food investments.
• Completion: The merger was approved by the SPK on May 30, 2025, and registered on June 30, 2025.
• Outcome: As the Company held 100% of the shares in both subsidiaries, no capital increase was required. Following the merger, the Company transitioned from preparing consolidated financial statements to non-consolidated statements as of June 30, 2025.

——————————————————————————–

4. Financial Performance Analysis

All financial data for 2025 is presented in accordance with TMS 29, reflecting the purchasing power as of December 31, 2025.

4.1 Income Statement Summary

4.2 Key Financial Insights

• Investment Gains: The primary driver of profit was a 2.34 billion TL gain from investment activities. This was largely due to the “Seviye 1” valuation of 2,319,000 nominal shares held in Ufuk Yatırım Yönetim ve Gayrimenkul A.Ş.
• Operational Revenue: Revenue decreased from 71.5 million TL in 2024 to 53.2 million TL in 2025, following the transition in business focus.
• Asset Growth: Total assets grew to 4.613 billion TL, up from 2.509 billion TL in 2024.
• Equity Strength: Total equity increased significantly to 3.548 billion TL, compared to 1.911 billion TL in the previous year.

4.3 Capital Structure

The Company’s paid-in capital is 1,891,069.68 TL, divided into Group (A) and Group (B) shares.

• Group (A) Shares: Nama yazılı; each share holds 15 voting rights.
• Group (B) Shares: Hamiline yazılı; each share holds 1 voting right.
• Major Shareholder: Lydia Holding A.Ş. (64.89% ownership).

——————————————————————————–

5. Corporate Governance and Human Resources

5.1 Board of Directors (As of Dec 31, 2025)

• Enver Çevik: Chairman
• Kemal Akkaya: Vice Chairman
• Dr. Semra Demircioğlu: Member (Appointed July 2025)
• Osman Dereli: Independent Member
• Ergin İçenli: Independent Member

The Board met 29 times during the period with an attendance rate of 83.44%.

5.2 Board Committees

The Board maintains three active committees to ensure oversight and compliance:

1. Audit Committee: Oversees accounting, reporting, and internal control systems.
2. Early Detection of Risk Committee: Focuses on strategic, operational, and financial risks.
3. Corporate Governance Committee: Manages compliance with governance principles and assumes the duties of the Nomination and Remuneration Committees.

5.3 Human Resources Model

As of December 31, 2025, the Company has no direct employees. All operational, technical, and regulatory personnel requirements are fulfilled via outsourcing and service procurement, primarily through the parent company, Lydia Holding A.Ş.

——————————————————————————–

6. Risk Management Framework

The Company identifies several key risk categories that are monitored by the Early Detection of Risk Committee:

• Operational Risk: Risks related to energy production and facility management.
• Market Risk: Fluctuations in energy prices and investment valuations.
• Credit Risk: Primarily related to trade receivables and bank deposits.
• Liquidity Risk: Managed by maintaining sufficient cash reserves to meet obligations.

Key Financial Risk Note: As of December 31, 2025, the Company holds no foreign currency balance, mitigating direct exchange rate risk for that specific date. However, its energy facility assets (GES) are valued using income approach methods (Level 3 inputs) which are subject to future cash flow projections and market assumptions.