Baglar WPP (IFC-36350)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Hold
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.
Borrower
Baglar Elektrik Uretim Anonim Sirketi
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 14.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 14.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 60.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 17, 2018

Disclosed by Bank Jan 7, 2016


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Project Description
According to IFC website, The project was initially conceived as a 100.5 MW project, but has since been divided into separate phases among which Phase I, the project currently seeking financing from IFC. The client is considering increasing the capacity of the windfarm up to 100 MW. Construction will be based on a multi-contract construction approach with the Sponsor managing any interfaces between the contracts. The two main contracts will cover turbine supply agreement and a balance of plant for electrical and civil works. Construction is expected to last 14 months between April 2016 and June 2017. Maintenance of the turbines will be provided by GE over a term of 15 years. The proposed site covers an area of approximately 75.8 ha with ground elevations ranging between 1260 m and 1430 m above sea level. The area is generally used for grazing by near-by villagers but with some private parcels being cultivated. The project site area covers mostly government land and some private parcels. Land acquisition for the placement of the wind turbine was already completed by the time of the appraisal while land acquisition for the energy transmission line is still ongoing. The project site lies within the Hodulbaba Mountain Important Bird Area (IBA) approximately 50 km from Salt Lake, the second largest lake in Turkey, and Beysehir Lake, other important bird areas. There are four villages in the proximity of the project area, the closest one (Karaomerler Village) being at approximately 3km to the nearest turbine.
Investment Description
  • International Finance Corporation (IFC)
Total project cost is estimated to amount to approximately USD 60 million. IFC is considering providing an A Loan of up to USD 10 million and a C Loan of up to USD 4 million, to partially finance the Project. The remainder of the debt financing is expected to be mobilized from a combination of commercial banks and IFIs. Sponsor will contribute to the project by providing equity and shareholder loans.
Contact Information
Project Contact: 1. Axelle Vuillermet Investor & Press Relations, Akuo Energy Office Address: 140, avenue des Champs Elysées 75008 Paris – France Telephone No.: +33 1 47 66 62 69 Email Address: vuillermet@akuoenergy.com Akuo Energy in Turkey Hollanda C. No 4/6 06550 Yyldyz Ankara - Turkey Telephone No.: +903124396755 Email Address: info@perfectwind.com.tr Baglar WWP project Hollanda C. No 4/6 06550 Yyldyz Ankara - Turkey Telephone: +903124396755 Email Address: info@perfectwind.com.tr ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/