Aksa Enerji Üretim A.Ş. has signed a contract with Electricite du Mali in Mali's capital city of Bamako to build a power plant with an installed capacity of 40 megawatts, according to a statement released on Aksa Enerji's Disclosure Platform (KAP).

The entire electricity produced in the power plant will be guaranteed for purchase over the next three years and the electricity will be sold in the long term with a euro-based price tariff that was settled in the contract.

The project site, fuel supply, all licenses and permissions for the power plant, which is expected to produce nearly 250 million kilowatt hour annually, will be provided by Electricite du Mali.

The construction of the power plant is expected to be finalized in five months. The statement claimed that the investment amount will be reduced as the equipment to be used in the power plant will also be considered as capital.

The statement read, "Our power plant in Mali which will make sales in Euro will enable us to hedge our foreign exchange assets with a natural mechanism and increase our sales volume. While the construction that we undertake in the Republic of Ghana and the Republic of Madagascar continues at full speed, we continue to strengthen our company's strategy of expanding abroad and increase our market share in Africa with our third project that has been initiated in the African continent."