Assan Aluminyum San. ve Tic. A.S (IFC-47493)

Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Specific Location
Tuzla/Istanbu and Dilovasi/Kocaeli
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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."
Borrower
ASSAN ALUMINYUM SANAYI VE TICARET ANONIM SIRKETI
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 90.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 2, 2023

Disclosed by Bank Jan 20, 2023

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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.

Türkiye-based Assan Aluminyum Sanayi ve Ticaret A.S. (the “Company” or “Assan” - https://www.assanaluminyum.com/en/), an existing IFC client since 1994, is one of the leading producers of flat-rolled aluminum products (“FRP”) in Türkiye and Europe. Assan operates two plants in Tuzla/Istanbul and Dilovasi/Kocaeli with 300,000 tons of aluminum FRP capacity and a standalone aluminum recycling plant located in Dilovasi/Kocaeli. Assan has also been operating a Hydro Electric Power Plant in Manavgat/Antalya in Türkiye (“Manavgat HEPP”) since 2016 which is mostly for captive use to help Assan to offset its energy consumptions and greenhouse gas emissions.Assan has launched a multi-year investment program with an estimated cost of US$130 million over a period of 2022-24. The investment program has objective to expand production capacity by 60,000 tons per annum FRP products.

The proposed IFC investment is to finance completion of Assan’s ongoing investment program with an up to US$90 million senior secured corporate loan that potentially will be structured as a Green Loan. The proceeds of the IFC loan will be used in the Dilovasi and Tuzla plants to fund (i) the construction of a rolling mill, high-bay storage facility,  a workers locker room and 0.5 MW roof-top solar panels installation for increased share of renewable sources in energy consumption in the Dilovasi plant; and (ii) the essential foil and cold rolling mills  improvements and other resource and energy efficiency investments including air pure & distillation systems, grinding & lathe machines, rolling oil filtration systems as well as some overhead cranes investments in the Dilovasi and Tuzla plants (the “Project”). Manavgat HEPP is excluded from the IFC financing.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC is considering an A Loan at an amount of up to US$90 million for IFC’s own account under the COVID-19 Crisis Response Facility. The Project was delayed due to the COVID-19 outbreak and can be only initiated by end of 2021. The remaining Project cost will be financed by the Company’s internal cash generation.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Kibar Holding A.S. (Kibar Holding) owns 95.5% of Assan while the remaining shareholding is owned by another company owned by the Sponsor (Assan Gayrimenkul Gelistirme ve Yatirim A.S.). Kibar Holding is wholly owned by members of the Kibar family.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Kibar Holding AS Parent Company -

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.

Assan Aluminyum Sanayi ve Ticaret A.S.
Ms. Zeynep Sarsan
Chief Financial Officer
+902165811200
zeynep.sarsan@assanaluminyum.com
Yayla Mh. D-100 Karayolu Ruya Sk No.2
assanaluminyum.com

 

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ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

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