Operating
Solar power (GES)
4.4 MWpKonya (Selçuklu) · immediate cash flow
Investor presentation · October 2026 · Bosfora Holding
Mavera Enerji Fonu
Solar · storage · charging, on one platform
An integrated energy platform that combines the stable cash flow of an operating solar plant (GES), the high value of grid-flexibility services from battery storage (BESS) and the expansion of an electric-vehicle charging network (InCharge).
Eligible for Turkish citizenship when you buy units worth at least USD 500,000
- $31.75M
- Total portfolio value
- $9.59M
- Projected revenue 2027
- 60.3%
- Projected consolidated EBITDA margin
- $500 → $3,000
- Planned unit price path over 60 months
01 · The three investment pillars
Three assets, three sources of income
In development
Battery storage (BESS)
50 MWe / 100 MWhYenişehir · grid flexibility, the highest projected margin in the portfolio
Operating + growth
Charging network (InCharge)
54 → 300chargers · energy sold to end users
Questions and answers
What is the investment vision of the Mavera Enerji Fonu?
Mavera Enerji Fonu invests in Turkey’s energy transition through a USD 31.75M portfolio that combines three sources of value: immediate cash flow from an operating solar plant, growth from battery energy storage, and expansion in EV charging. The idea is that the existing assets support the portfolio from today, while most of the projected growth comes from the storage project, which is still in development.
What are the three assets of the Mavera fund?
The fund holds three assets: a 4.4 MWp solar power plant (GES) in Konya, operating since December 2016; a 50 MWe / 100 MWh battery energy storage project (BESS) in Yenişehir, in development; and the InCharge EV charging network with 54 chargers today. Their portfolio values are USD 5.0M for solar, USD 23.75M for storage and USD 3.0M for charging.
02 · From capital to value
How capital moves through the platform
Investors / the fundInvestment capital
Mavera energy platformAsset portfolio management and optimised distribution of returns
- GES · solar$5.0Masset value
- BESS · storage$23.75MCAPEX
- InCharge · charging$3.0Mgrowth
Cash flow and valueDistributions + unit value growth
Questions and answers
How large is the fund and how is the capital allocated?
The total portfolio is USD 31.75M: USD 23.75M for the battery storage project (CAPEX), USD 5.0M solar plant value and USD 3.0M growth capital for the InCharge charging network. That makes storage about 74.8% of the portfolio, solar 15.7% and charging 9.4%.
03 · Capital allocation and projected returns
Portfolio summary for 2027
Swipe the table sideways to see every column
| Asset | Operating status | Capital / value | Revenue 2027 | Projected EBITDA | EBITDA margin |
|---|---|---|---|---|---|
| Solar plant (GES) | Operating since 2016 | $5.00M(asset value) | $432.3K | $274.7K | 63.6% |
| Storage system (BESS) | Development / construction | $23.75M(CAPEX) | $5,950.0K | $4,890.0K | 82.2% |
| Charging network (InCharge) | Operating + growth | $3.00M(growth capital) | $3,208.8K | $615.1K | 19.2% |
| Consolidated total | Integrated energy portfolio | $31.75M | $9,591.1K | $5,779.8K | 60.3% |
Questions and answers
What operating profit margin does the portfolio project?
The fund projects a 60.3% EBITDA margin in 2027, on revenue of USD 9.59M and EBITDA of USD 5.78M (USD 9,591.1k and 5,779.8k in the plan). By asset: storage 82.2%, solar 63.6% and charging 19.2%. EBITDA is earnings before interest, taxes, depreciation and amortisation; it is not the amount distributed to investors.
About investing in funds in TurkeyWhy does asset diversification matter in an energy fund?
Diversification spreads income across more than one source: in the Mavera fund, projected 2027 revenue comes from three assets, USD 432.3k from solar, USD 5,950.0k from storage and USD 3,208.8k from charging. Diversification does not remove risk, though: the storage project alone is about 74.8% of the capital.
04 · First asset
The operating solar power plantGES · 4.4 MWp
A plant operating successfully since December 2016 in Konya (Selçuklu), with stable cash flow and more than 25 of its 35 years of operating life remaining. From 2027 the financial model moves to free-market prices.
- Operating since 2016
- 25+ years of life remaining
Projected annual production7.20GWh / yrBased on average sunshine hours in Konya
Average electricity selling price0.0600USD / kWhProjected 2027 reference market price, not a guaranteed price
Gross revenue432,300USDExcluding VAT
Distribution and operating costs157,600USDGrid fees $97.6K + operating expenses $60.0K
Operating profit (EBITDA)274,700USDOperating margin 63.6%
Questions and answers
What is the production capacity of the fund’s solar plant?
The solar plant has a capacity of 4.4 megawatts peak (MWp) and produces about 7.20 gigawatt-hours (GWh) a year; it has operated in Konya (Selçuklu) since December 2016. More than 25 of its 35 years of operating life remain. At a reference price of USD 0.0600 per kWh in 2027, the plan projects USD 432,300 of revenue and USD 274,700 of EBITDA.
05 · Second asset · the growth engine
The battery energy storage projectBESS · 50 MWe / 100 MWh
In Yenişehir, the project provides grid integration and primary frequency control (PFK) services to TEİAŞ, Turkey’s electricity transmission company, for 88% of revenue, plus price arbitrage for 12%. The project is still in development and the figures are projections.
88%PFK frequency control for TEİAŞ
12%Price arbitrage
$4.89MYear-1 EBITDA 2027 (projected)
82.2%Projected EBITDA margin
Financial projections 2027 – 2035 (USD million)
Swipe the table sideways to see every column
| Item | Year 1 · 2027 | Year 2 | Year 3 | Year 4 | Year 5 · 2031 | Year 7 | Year 9 · 2035 |
|---|---|---|---|---|---|---|---|
| Frequency control revenue (PFK · 88%) | 5.25 | 5.51 | 5.79 | 6.08 | 6.38 | 7.03 | 7.75 |
| Arbitrage revenue (12%) | 0.70 | 0.74 | 0.77 | 0.81 | 0.85 | 0.94 | 1.04 |
| Total projected revenue | 5.95 | 6.25 | 6.56 | 6.89 | 7.23 | 7.97 | 8.79 |
| Operating expenses (OPEX) | 1.06 | 1.11 | 1.17 | 1.23 | 1.29 | 1.42 | 1.57 |
| Operating result (EBITDA) | 4.89 | 5.14 | 5.39 | 5.66 | 5.94 | 6.55 | 7.22 |
Years as given in the investor presentation; it does not show years 6 and 8.
Questions and answers
What is the main growth engine of the Mavera fund?
The main growth engine is the 50 MWe / 100 MWh battery energy storage project (BESS), with a construction cost of USD 23.75M. 88% of its projected revenue comes from frequency-stability (PFK) services for TEİAŞ, Turkey’s electricity transmission company, and 12% from price arbitrage. The plan projects USD 5.95M of revenue in year 1 (2027), rising to USD 11.78M in year 15; the project is still in development.
06 · Third asset
The electric-vehicle charging networkInCharge EV
InCharge runs 54 chargers today (51 AC and 3 DC). The target investment of USD 3.0 million expands it to 300 chargers (200 AC and 100 DC) with up to 22.4 MW of total capacity.
Number of chargers54 → 300From 51 AC + 3 DC to 200 AC + 100 DC
Total capacity after expansion22.4 MWTarget growth investment $3.0M
Projected direct revenue 2027$3.21MEnergy sales of 14.23 GWh
Projected operating EBITDA 2027$615KEBITDA margin about 19.2%
Questions and answers
What is the expansion plan of the InCharge EV charging network?
InCharge plans to grow from 54 chargers today (51 AC and 3 DC) to 300 chargers (200 AC and 100 DC) with 22.4 MW of total capacity, for an investment of USD 3.0M. The plan projects USD 3.21M of direct revenue in 2027 from 14.23 GWh of energy sales, and EBITDA of USD 615K.
07 · Fund unit price growth
From $500 to $3,000 in 60 months
The unit price path (USD per unit, “pay” in Turkish) as planned by the fund manager, driven by the BESS project coming into operation and the expansion of the charging network.
These figures are a target path from the fund’s investor presentation, not a guaranteed price; the unit value can go up or down.
Questions and answers
What is the unit price and how is it expected to change?
In the fund plan a unit starts at USD 500 and is estimated to reach USD 3,000 after 60 months. The interim points are USD 1,294 at month 12, USD 2,222 at month 27 and USD 2,749 at month 42. This is an estimate, not a promise, and the unit value can go up or down.
08 · How to take part
Six steps from opening the account to follow-up
- 1Open the bank accountOpen an investment account with the bank concerned and complete the KYC documents.
- 2Sign the agreementSign the fund participation agreement and the risk disclosure form.
- 3Custody account (TAKASBANK)Open an independent custody account in the investor’s name.
- 4Transfer the capitalTransfer the investment amount directly to the fund’s dedicated account.
- 5Units issuedParticipation units equal to your investment are transferred to your account.
- 6Follow-up and reportsFollow performance daily through the bank, with regular reports.
Questions and answers
How do I invest in the Mavera fund?
Investing takes 6 steps: open an investment account with the bank with KYC documents, sign the participation agreement and risk disclosure form, open a custody account in your name at Takasbank, transfer the amount to the fund account, receive the units in your account, and follow performance daily through the bank. We start with a first meeting and arrange a full presentation with the issuer.
About investing in funds in TurkeyHow is the investor’s money protected in the fund?
In the Mavera fund the units are held in an independent custody account in the investor’s name at Takasbank (step 3 of the participation steps), which separates the investor’s assets from the issuer’s. The investment is transferred directly to the fund’s dedicated account, and the investor follows performance daily through the bank.
09 · Advantages and exit strategy
What the investor gains, and how value is realised
Key advantages for the investor
Tax exemptionThe fund offers tax exemption advantages under Turkish regulations for this type of fund.
Diversified revenueDirect electricity sales + frequency-control services + commercial charging.
Citizenship opportunityEligible for Turkish citizenship when you buy units worth at least USD 500,000.
Routes to value and exit
Regular dividendsDistribution of operating cash flow from GES and BESS.
Strategic sale or IPOSale of the portfolio to an international operator, or an initial public offering (IPO).
Unit buy-backAsset liquidation or buy-back at the end of the fund term.
The exit routes are planned options; their timing and price are not guaranteed.
Questions and answers
What are the exit strategies of the Mavera fund?
The fund plan names three exit routes: regular dividend distributions from the cash flow of the solar plant (GES) and the storage project (BESS); a strategic sale of the portfolio to an international operator or an initial public offering (IPO); and buy-back of units or asset liquidation at the end of the fund term. These are planned routes; their timing and price are not guaranteed.
Is the Mavera fund eligible for Turkish citizenship, and what is the minimum?
Yes. The fund is eligible for Turkish citizenship provided you buy units worth no less than USD 500,000. Under the standard rule for citizenship through investment funds, the units must be held for 3 years. We review the citizenship file with you in the meeting with the issuer and your lawyer.
About investing in funds in TurkeyWhat is a lock-up period in investment funds?
A lock-up period is the time during which an investor cannot redeem or sell their units. Its length is set in the fund participation agreement; for Turkish citizenship, the units must be held for 3 years under the standard rule.
10 · Tax advantages
Tax exemption
Mavera Enerji Fonu offers tax exemption advantages under Turkish regulations for this type of fund.
Tax exemptionTax exemption advantages that the fund offers its investors under Turkish regulations for this type of fund.
In the fund plan“Excellent tax advantages for investing through real-estate and energy funds.”
Questions and answers
About investing in funds in TurkeyWhat is a venture capital investment fund (GSYF)?
A GSYF (Girişim Sermayesi Yatırım Fonu) is a collective investment vehicle that pools investors’ money and invests it in companies and projects not listed on the stock exchange. This is a general definition of this type of fund.
What tax advantages do investment funds have in Turkey?
Mavera Enerji Fonu offers tax exemption advantages under Turkish regulations for this type of fund, and the fund plan cites “excellent tax advantages for investing through real-estate and energy funds”.
11 · Market context
Turkey’s energy market in numbers
Public figures on the market the fund operates in, with a source for each. They are not fund figures.
26.8 GWInstalled solar capacity in Turkey (end of April 2026)21.3% of total installed capacity of 125,410 MWDonanımHaber, June 2026
491,492Electric cars in Turkey (September 2026)+31.5% since the end of 2025 (373,733 cars)LOG, EPDK data
48,971Charging points (sockets) in Turkey (September 2026)AC 27,664 and DC 21,307Anadolu Agency (AA), EPDK data
30 GW / 120 GWhBattery storage Turkey needs by 2053Under the SHURA net-zero scenarioForbes Türkiye / SHURA
Market growth does not guarantee fund performance.
Questions and answers
About investing in funds in TurkeyHow do regulatory trends affect energy investment in Turkey?
Turkey is working towards net zero by 2053, and the SHURA energy centre estimates the country needs 30 GW / 120 GWh of battery storage by that year. This direction supports stable demand for renewable energy and grid services, but it does not guarantee any fund’s returns, and changes in regulation or prices can affect revenue.
12 · Before you decide
The risks you should know
These are the main risks we see in the fund plan. Ask about them in the full presentation.
BESS depends on frequency services88% of the storage project’s projected revenue comes from frequency-control (PFK) services for TEİAŞ; any change in these services or their prices directly affects revenue.
BESS is still in developmentThe largest asset in the portfolio (USD 23.75M of USD 31.75M) is in development and construction, and carries execution, cost and schedule risk.
Revenue growth is an assumptionBESS revenue growing from USD 5.95M to USD 11.78M over 15 years, and InCharge expanding from 54 to 300 chargers, are assumptions in the fund plan.
The unit price is an estimateThe unit price path from USD 500 to USD 3,000 over 60 months is an estimate, not a promise.
Solar electricity priceThe plant moves from fixed tariffs to free-market prices from 2027, so USD 0.06 per kWh is a reference price, not a guaranteed one.
Exit timingThe exit routes (strategic sale, IPO, buy-back) are planned options; their timing and price are not guaranteed.
Investing involves risk, and the unit value can go up or down.
Questions and answers
What are the main risks of the Mavera fund?
The main risks are that 88% of the storage project’s revenue depends on frequency services for TEİAŞ, and that this USD 23.75M project is still in development. Revenue growth and the USD 500 to USD 3,000 unit price path are assumptions, and the USD 0.06 per kWh solar price is a reference price that is not guaranteed after the move to the free market in 2027.
Are the Mavera fund’s returns guaranteed?
No, the fund’s returns are not guaranteed. Every figure on this page is a projection from the fund plan for 2027 and later; investing involves risk and the unit value can go up or down.
13 · How we work
From your question to your decision
- 1First meetingWe learn your goals and budget.
- 2Full presentationThe fund explained in full with the issuer present.
- 3Visit and documentsA site visit and a review of the documents.
- 4Payment methodAgreed between your lawyer and ours.
- 5Your decisionNo pressure at all.
Questions and answers
What is Massar Vadi’s role in this investment?
Massar Vadi introduces you to the fund and arranges a meeting and a full presentation with the issuer. The subscription itself goes through the bank and a custody account in your name at Takasbank; the payment method is agreed between your lawyer and ours, and the decision is yours.
Request the full Mavera fund file
The Massar Vadi team sends you the detailed presentation and guides you through the participation steps in your language.
Notice: the fund data on this page is taken from the Mavera Enerji Fonu plan and Bosfora Holding’s investor presentation (October 2026). These are projections and do not guarantee any return. Investing involves risk, and the unit value can go up or down. This page is for information only and is not an offer or investment advice; read the official fund documents and the risk disclosure form before any decision.
Fund data from the consolidated investor presentation of Mavera Enerji Fonu · Bosfora Holding · October 2026.