IC Holding, a prominent Turkish construction conglomerate, has set its sights on developing Turkey's second and third nuclear plants and expanding its international construction footprint, CEO Murad Bayar revealed in an interview with Reuters.
Established in 1969, IC Holding has become a key contractor for major governmental infrastructure projects. The company is renowned for its work in engineering, construction, road and port operations, and electricity production. It gained significant recognition for its role in constructing Turkey's first nuclear plant in partnership with Russia's Rosatom affiliate, Titan-2, under a $9.3 billion engineering, procurement, and construction (EPC) contract. The initial reactor at the 4,800-megawatt (MW) Akkuyu plant is slated to be operational by 2025.
IC Holding intends to bid for the construction contracts of Turkey’s upcoming nuclear projects. "It could be with Russians or with others. If there's a tender, we will definitely submit bids," Bayar stated, mentioning that IC might also consider operating the nuclear plants. The Turkish government plans to build the second plant in the north and the third in the northwest, with ongoing discussions involving Korea, Russia, and China.
Bayar projected that IC's revenue would increase to $5.5 billion this year from $4.5 billion last year. The company is actively pursuing large-scale engineering and construction projects abroad, having recently won a contract to construct Long Thanh airport in Ho Chi Minh City, Vietnam, as part of a consortium, and securing an EPC contract for a $1 billion bridge in Saudi Arabia.
Additionally, IC is eyeing projects in Saudi Arabia's NEOM development and other ventures requiring significant engineering expertise. The company is also exploring opportunities in Vietnam, Malaysia, and Pakistan. "We think we have sufficient know-how when it comes to infrastructure operation abroad. We have sizable capacity, we will be looking into these projects as well," Bayar commented, noting plans to bid for a road operation tender in Qatar.
To finance its 500-MW battery storage renewable energy and construction projects, IC has enlisted JP Morgan for a eurobond issue. Earlier this year, the company listed IC Enterra, a holding entity for its hydroelectric and solar assets, and plans further initial public offerings for additional assets.
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