Alianta's Board Member Chang Oh Turkmani Profiled in Romanian "Profit" Magazine
Congratulations to Alianta board member Chang Oh Turkmani on being featured in "Profit" magazine! She is one of the Americans that make Romania more successful every day.
Original article at the link: https://www.profit.ro/povesti-cu-profit/real-estate-constructii/familia-de-investitori-americani-turkmani-cu-legaturi-cu-administratia-sua-intra-pe-productia-de-energie-regenerabila-printr-un-proiect-in-chitila-21359991
The American investor Turkmani family is entering the renewable energy production sector through a project in Chitila.
Electricity and gas provider Crest Energy, owned by spouses Chang Oh and Salah Turkmani, is preparing to enter the renewable energy production market with a photovoltaic park to be set up in Chitila, in an area with many new real estate developments in the logistics sector, according to documents consulted by Profit.ro. Chang Oh Turkmani was nominated by the U.S. presidency, during Donald Trump's tenure, as a member of the National Cancer Advisory Board's board of directors and is a member of the boards of organizations such as the American Romanian Business Council and Alianta, chaired by former U.S. Ambassador to Romania, Jim Rosapepe. The investors are now preparing the necessary documents for the construction of a photovoltaic park on a plot of nearly 1.5 hectares located in Chitila, right next to the MLP Bucharest West depot. "On the available surface, the installation of 2,222 photovoltaic panels with a power of 540W has been designed, resulting in an installed power of 1.2 MWp in the photovoltaic panels," according to the documents analyzed by Profit.ro. The investment in this project is estimated at 1.4 million euros. The plant will be operational in 2024 and will be operational for 30 years. Construction work for the installation of panels and network connection will be carried out throughout 2024. "If energy losses on conductors and equipment are not taken into account, it could be estimated that an annual electricity production of 1,799 MWh is expected," the cited document further specifies.
The Turkmani family is embarking on their first project of this kind in the renewable energy market in Romania. Crest Energy has submitted a project, in the initial evaluation phase, to obtain funding through the National Recovery and Resilience Plan (PNRR) for a photovoltaic power plant of 4.55 MWp. Crest Energy has been an electricity supplier since 2015 and a gas supplier since 2016. Contacted by Profit.ro, representatives of the Turkmani family did not respond before the publication of this article. The Turkmani family's plan overlaps with Romania's intention to add a new capacity of 6.9 GW of energy from renewable sources by 2030. It is estimated that more than 3.7 GW of this capacity will be solar projects. Romania aims to achieve a 30.7% share of energy consumption from renewable sources by 2030. Currently, Romania has a total installed capacity of 3 GW in wind parks and nearly 1.4 GW in solar power plants, according to official data from the National Energy Regulatory Authority. Through the National Recovery and Resilience Plan, the government has allocated 1.62 billion euros for green energy projects.
In this context, companies such as R.Power, the largest Polish developer of photovoltaic projects, Danish company European Energy, the Austrian investment fund Core Value Capital - which manages assets for a series of millionaires and institutional investors, as well as the Austrian-German developer of photovoltaic parks, CCE Holding, supported by the pension fund of the German state of Thuringia and the French investment fund Omnes Capital (formerly Crédit Agricole Private Equity), have announced or expanded their presence in the Romanian market. Chang Oh Turkmani was born in South Korea and speaks seven languages, including Romanian. She is a lawyer and a graduate of Georgetown University's American Law program, where she also served as a professor for 16 years. She has extensive experience in the import and export of industrial goods, as well as in mining, manufacturing, construction, energy trading, maritime transport, renewable energy, and investment advisory. Her and her husband Salah Turkmani's company, The Mega Company, based in Washington, DC, primarily engages in the import and export of raw materials and mineral goods, including iron ore, coal, phosphate, and cement. Through this company, they manage four logistics parks in Chiajna, near Bucharest, with a total area of over 82,000 square meters.
The Mega Distribution Center has 15,000 square meters of warehouses on a 3.6-hectare plot. The first building in this complex was erected in 1997 with components designed and made in the United States. The Mega Distribution Outlet has a storage area of 26,900 square meters and covers an area of 15.7 hectares. The developer has recently made efforts to expand this complex with a new warehouse covering approximately 9,000 square meters, which will also be used for server and router repairs, according to documents analyzed by Profit.ro. Act Cold Storage has 20,000 square meters of cold storage on a plot of nearly 5 hectares. Key Logistic Center offers 20,900 square meters of storage on a 4.4-hectare plot.