Is Yeşil Global Enerji A.Ş. profitable?

FY2024 net profit rose to roughly TRY 2.34 billion, up about 168.7% YoY, but this was driven by non-operating items. Core operating trend is weaker: H1 2025 net profit fell 82.9% YoY to TRY 396 million as revenue dropped 18.6%, per quartr.com data dated 2026-07-09.

Has the PWRU IPO priced yet?

No. Yeşil Global Enerji filed its Form F-1 with the SEC on March 9, 2026, targeting up to $86 million on Nasdaq under ticker PWRU with D. Boral Capital as sole bookrunner. As of 2026-07-06, stockanalysis.com still lists it as Pending with no market cap.

Who is Yeşil Global Enerji's biggest competitor in Turkey?

Veolia Environnement has operated the Istanbul Waste Power Plant since a 2023 partnership with İSTAÇ, competing directly in the same city where Yeşil Global Enerji runs its six landfill-gas plants, per Veolia's own newsroom statement.

Could AI replace Yeşil Global Enerji's business?

Unlikely for its core operations. Its revenue comes from physical landfill-gas capture, municipal concessions, and Turkey's YEKDEM tariff program, none of which are information-processing tasks AI can substitute. Its speculative U.S. pivot, Power Upp USA, instead aims to supply power for AI data centers and crypto mining, filed March 2026.

Is Yeşil Global Enerji's core business shrinking or growing?

Shrinking. FY2024 revenue fell 9.6% YoY to TRY 2.65 billion, and H1 2025 revenue dropped a further 18.6% YoY to TRY 1.31 billion, according to quartr.com investor-relations data dated 2026-07-09.

Who controls Yeşil Global Enerji after its IPO?

Principal shareholders Yeşil Holding and Lia Invest retain control post-listing, per a 2026-06-12 vitallaw.com IPO tracker report. Yeşil Holding also has real estate, factory, and construction interests separate from the energy business.

No grouping · acquisition pending · Turkey

Yeşil Global Enerji A.Ş.

Turkish landfill-gas power producer seeking a Nasdaq listing (PWRU) and a US data-center power pivot.

Protection under test

Assessed 29 July 2026 · Evidence as of 29 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 29 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: Solaklar 41 MWe thermal plant expected to come online

The call

A shrinking, tariff-protected Turkish landfill-gas business is trying to fund an unproven US data-center bet through an IPO that still has not priced.

Yeşil Global Enerji runs six landfill-gas power plants in Turkey that sell electricity under a government contract paying in U.S. dollars through around 2030, which brings in about 90 percent of its money and is hard for competitors to take away. But the company is shrinking fast (revenue down nearly 20 percent in the first half of 2025), cash is very low, and it owes more than it has in the bank. The company wants to grow by building natural-gas and data-center power plants in the U.S., where much larger companies like NextEra Energy already dominate, making this bet risky and expensive. The biggest question is whether the company can stay disciplined and use its Turkish cash to pay debt, or if it will burn money chasing the U.S. dream while its home business quietly dies.

Why

AI pressure: None apparent. AI data-center power demand is the reason for its US pivot, not a threat to its landfill-gas business. Could AI do the core job? Only partly.

Bigger players: Veolia Environnement. Veolia already runs the Istanbul Waste Power Plant since 2023, competing directly in the same Turkish waste-to-energy space. Could a giant copy it? Probably.

What protects it. USD-linked YEKDEM tariffs locked through ~2030 plus municipal concession rights in Istanbul and Kocaeli.

What would change this call

PWRU IPO prices on Nasdaq or is withdrawn/delayed further. Shows whether capital markets will fund the U.S. pivot at all.
Solaklar 41 MWe thermal plant commissions on schedule in 2026. Tests whether the company can still execute domestic growth projects.
A named, credible U.S. anchor customer or partner announced for Power Upp USA. Would show the data-center/crypto pivot has real commercial traction, not just plans.

Key numbers

FY2024 revenue TRY 2.65B, down 9.6% YoY (2024)
H1 2025 revenue down 18.6% YoY (2025-06)
Cash on hand TRY 37.7M vs TRY 1.64B working-capital gap (2025-06)

Named risks

TRY 1.64 billion working-capital deficit against only TRY 37.7 million cash as of June 2025. Severity: high
Core Turkish revenue shrinking, down 9.6% in FY2024 and 18.6% in H1 2025. Severity: high
IPO unpriced 5+ months after F-1 filing with a small sole bookrunner, D. Boral Capital. Severity: medium
Power Upp USA data-center and crypto-mining pivot unexecuted, no named US partner or asset. Severity: medium
Revenue concentrated in Turkey's YEKDEM tariff program, exposed to any policy change. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Veolia Environnement	losing to	Already operates Istanbul Waste Power Plant since a 2023 İSTAÇ partnership, same city as Yeşil's plants
Waste Management Inc. / Suez	losing to	Larger diversified waste-to-energy majors operate globally versus Yeşil's single-country asset base
BP/Archaea Energy	losing to	Major landfill-gas consolidator backed by BP since 2022 acquisition, dwarfing Yeşil's scale
NextEra Energy	contesting	Large-scale US data-center power deals (e.g. Paducah, KY site, reported 2026-07-29) versus Yeşil's unbuilt Power Upp USA
Energy Transfer	contesting	Already supplying pipeline gas for AI data centers as of mid-2026, a market Yeşil has not yet entered

Questions people ask

Is Yeşil Global Enerji A.Ş. profitable?: FY2024 net profit rose to roughly TRY 2.34 billion, up about 168.7% YoY, but this was driven by non-operating items. Core operating trend is weaker: H1 2025 net profit fell 82.9% YoY to TRY 396 million as revenue dropped 18.6%, per quartr.com data dated 2026-07-09.
Has the PWRU IPO priced yet?: No. Yeşil Global Enerji filed its Form F-1 with the SEC on March 9, 2026, targeting up to $86 million on Nasdaq under ticker PWRU with D. Boral Capital as sole bookrunner. As of 2026-07-06, stockanalysis.com still lists it as Pending with no market cap.
Who is Yeşil Global Enerji's biggest competitor in Turkey?: Veolia Environnement has operated the Istanbul Waste Power Plant since a 2023 partnership with İSTAÇ, competing directly in the same city where Yeşil Global Enerji runs its six landfill-gas plants, per Veolia's own newsroom statement.
Could AI replace Yeşil Global Enerji's business?: Unlikely for its core operations. Its revenue comes from physical landfill-gas capture, municipal concessions, and Turkey's YEKDEM tariff program, none of which are information-processing tasks AI can substitute. Its speculative U.S. pivot, Power Upp USA, instead aims to supply power for AI data centers and crypto mining, filed March 2026.
Is Yeşil Global Enerji's core business shrinking or growing?: Shrinking. FY2024 revenue fell 9.6% YoY to TRY 2.65 billion, and H1 2025 revenue dropped a further 18.6% YoY to TRY 1.31 billion, according to quartr.com investor-relations data dated 2026-07-09.
Who controls Yeşil Global Enerji after its IPO?: Principal shareholders Yeşil Holding and Lia Invest retain control post-listing, per a 2026-06-12 vitallaw.com IPO tracker report. Yeşil Holding also has real estate, factory, and construction interests separate from the energy business.

Timeline

2026-07-06PWRU IPO still listed as Pending, no market cap assigned, per stockanalysis.com
2026-06-12Reported as first Turkey-based company seeking US listing in nearly five years
2026-03-10Files Form F-1 with SEC for Nasdaq listing as PWRU, targeting up to $86 million
2025-10High-interest bank loans repaid, reducing borrowings toward TRY 500 million
2025-06-30Reports TRY 1.64 billion working-capital deficit and TRY 37.7 million cash
2024-12FY2024 revenue reported at TRY 2.65 billion, down 9.6% year over year
2023Veolia becomes operator of Istanbul Waste Power Plant via İSTAÇ partnership
2009Odayeri landfill biogas plant commissioned, billed as largest of its kind in Europe
2007Yeşil Global Enerji A.Ş. founded in Şişli, Istanbul

Revision history

29 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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