Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Turkey
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • European Bank for Reconstruction and Development (EBRD)
Status: Approved
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-02-24
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Aksa Enerji A.S.
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Amount (USD): $ 33.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported TRY 100,000,000.00
Converted using 2016-06-28 exchange rate.
Project Cost (USD): $ 166.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

Currency conversion note:
Bank reported TRY 500,000,000.00
Converted using 2016-06-28 exchange rate.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-05-08
Disclosure Date: 2016-06-28
Aksa Enerji Bond
EBRD-48173

Project Description
The Bank will invest TRY 100 million (EUR 30.3 million) in Aksa Enerji A.S.'s latest TRY 200 million (EUR 60.5 million) local currency bond issuance. This issue is part of the company's TRY 500 million (EUR 152 million) bond program, as approved by the Capital Markets Board of Turkey.
Investment Description
AKSA ENERJI URETIM A.S., established in 1997, is the third largest independent power producer in Turkey and the largest listed on Borsa Istanbul. The client is a member of Kazanci Holding, a diversified conglomerate founded in the 1950s, with activities in agriculture, energy and tourism. Kazanci is also a leading player in the Turkish natural gas distribution market. In this respect, Aksa Enerji benefits from strengthening its cooperation with the other companies of the holding. As such, Kazanci Group companies carry out their operations in synergy with each and every link of the energy value chain, from production to distribution.
Contact Information
Ozlem McCann Ozlem.McCann@aksa.com.tr +902166811053 Selvi Cikmazi No. 10, 34805, Istanbul, Turkey ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.