SEDAS Phase II (EBRD-47451)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
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.
Voting Date
May 4, 2016
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
Akcez Group
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Finance
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)
$ 162.50 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)
$ 205.70 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 @ EBRD website

Updated in EWS Aug 11, 2017

Disclosed by Bank Oct 15, 2015


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Project Description
This project finances support to Akcez Group which will allow the company to complete a series of network renewal and capacity increasing investments in the 2015-2020 period in order to connect new customers to their electricity network, to terminate the under-voltage and power scarcity, and to decrease the technical losses.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
This project consists of a senior secured A/B loan to Akcez Group consisting of three entities, Akcez Enerji Yatirimlari Sanayi ve Ticaret A.S., which owns Sakarya Elektrik Dagitim A.S., the electricity distribution company and Sakarya Elektrik Perakende Satis A.S., the electricity retail company. The three companies will act as co-borrowers. Sakarya Elektrik Dagitim A.S. was among the first electricity distribution companies to be privatized in Turkey and is one of the few electricity distribution companies in Turkey benefiting from the presence of a foreign sponsor, CEZ, a major energy sector player active in the region. Sakarya Elektrik Dagitim A.S. holds exclusive rights for electricity distribution in its region in northwest Turkey. Retail and distribution activities were unbundled in 2013 and the retail activities were transferred to Sakarya Elektrik Perakende Satis A.S. Since its incorporation in January 2013, Sakarya Elektrik Perakende Satis A.S. provides consumer services as the retail supplier to customers subject to regulation (national tariff and last resource) in Sakarya Elektrik Dagitim A.S. region and eligible customers both in Sakarya Elektrik Dagitim A.S. region and other regions of Turkey by making bilateral agreements. Sakarya Elektrik Dagitim A.S. and Sakarya Elektrik Perakende Satis A.S. are fully owned by Akcez which is owned 50% by CEZ a.s., and 50% by Akkok Sanayi Yatirim Ve Ulastirma A.S.
Contact Information
Company Contact Information Firat Sogancik Firat.Sogancik@akcez.com.tr 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.