Performance analysis in renewable energy companies: application of SWARA and WASPAS methods

In the last decade, companies producing electricity from renewable energy sources in Turkey have gained momentum both quantitatively and qualitatively with the incentives carried out within the framework of the government’s carbon emission reduction programs. In this study, the financial performances of companies in terms of financial ratios of SWARA and WASPAS, which are multi-criteria decision-making techniques used in the field of numerical methods, were tried to be measured. In terms of scope, the financial performances of four renewable energy companies listed on Borsa Istanbul Stock Market were analysed for three years between the years 2018 and 2020. In the findings obtained by applying the SWARA technique of the study, it was concluded that the most important factor determining the financial performance of companies that participated in the research is the financial leverage ratio. As a result of the data obtained from the WASPAS technique, it has been determined that the companies that produce electricity through a single renewable energy source are financially more successful than the companies that produce electrical energy through more than one renewable energy source.