Original disclosure @ IFC website
Updated in EWS Feb 2, 2023
Disclosed by Bank Jan 20, 2023
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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.
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.
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||-|
Assan Aluminyum Sanayi ve Ticaret A.S.
Ms. Zeynep Sarsan
Chief Financial Officer
Yayla Mh. D-100 Karayolu Ruya Sk No.2
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