Karaca Hydro (IFC-37872)

  • Turkiye
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 27, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 47.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 199.90 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 29, 2017

Disclosed by Bank Apr 4, 2016

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
Kremna Elektrik Uretim A.S., a special-purpose vehicle incorporated in Turkey and owned by Gama Enerji Anonim Sirketi ("Gama" or the "sponsor"), is acquiring operational rights of the electricity generation assets of Karacaoren I and Karacaoren II hydropower projects on the Aksu River in southwestern Turkey, about 100 kilometers north of Antalya (the "project"). Gama was the winning bidder at a privatization tender held in November 2015 for the two projects, which have a total generation capacity of 78.4 megawatts (MW), 32MW for Karacaoren I and 46.4MW for Karacaoren II. Gama is a Turkish company active in the water and power sectors in Turkey and the Middle East since the early 2000s. IFC and the IFC Asset Management Company's Global Infrastructure Fund, have a 27 percent equity stake in Gama (project #32258 disclosed on September 15, 2014). Gama approached IFC for a $47 million A-loan for the Karacaoren project.Karacaoren I and II are currently owned and operated by the Turkish Electricity Generation Corporation (EUAS). The acquisition and project turnover are expected to be complete by mid- to late 2016, with generation to continue without interruption. The acquisition will include the intakes, powerhouses, and tailraces of both Karacaoren I and II. The acquisition also will include about 100-200 meters of access roads that lead from public roads to the powerhouses. Water flows for power generation will continue to be dispatched by the General Directorate of State Hydraulic Works (DSI). DSI will retain control and ownership of the dams and reservoirs, spillways and floodgates, although the company will be responsible for operating the gates under DSI direction if necessary.The Karacaoren I dam is a clay-core earthfill structure 93 meters high. The dam impounds a reservoir of about 45.5 square kilometers. The reservoir holds up to about 1.2 billion cubic meters of water, enough for about six months' electricity generation.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Gama Enerji is founded in 2002 and operates as an energy and water infrastructure development and investment platform incorporating an in-house project development and construction management capabilities. Gama Enerji developed and operates assets in Turkey and Jordan. In addition to its power generation business (main), Gama Enerji is also active in operations and maintenance of power plants, and power trading businesses. Gama Enerji controls a portfolio composed of net 260MW of operational power generation assets in Turkey. Furthermore, Gama Enerji has a 45MW wind farm and an 840MW gas fired plant under construction. Gama Enerji’s shareholders consist of Gama Holding with 50.5% stake, Tenaga Nasional with 30% stake, and IFC and AMC Global Infrastructure Fund with 19.5% stake.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Contact: Taylan G. Onerci E-mail: mailto:tonerci@gamaenergy.com Telephone: (+90) 312 248 46 00 Fax: (+90) 312 248 46 01 Address: Nergis Sokak No:9 Sogutozu 06520 Ankara, Turkey Website: http://www.gama.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/

How it works

How it works