Renewables Portfolio (EBRD-47631)

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
Approved
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
Dec 9, 2015
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
Akfen Yenilenebilir Enerji Company
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
  • Hydropower
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 28, 2017

Disclosed by Bank Nov 6, 2015


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Project Description
This project finances the development and construction of new renewable power generation projects and will consist of a portfolio with a total operational capacity of 210 MW, including operational hydro (203 MW), solar power plants (7 MW), and numerous wind, solar and hydro projects in construction and under development.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
The EBRD is providing an equity investment, in the form of capital increase, in return for a stake in Akfen Yenilenebilir Enerji Company, a new investment entity which will own a portfolio of renewable power generation assets both operational and under development. Akfen Yenilenebilir Enerji Company will be controlled and owned by Akfen Holding A.S. (Akfen), and will be created following the reorganisation and merger of several of Akfen's energy subsidiaries. Akfen Holding A.S. is an existing client of the EBRD, an infrastructure developer and operator currently active in energy generation, sea port operations, waste-water and water utilities management, maritime transportation and airport terminal construction and operations. Akfen Yenilenebilir Enerji Company will be a new entity to be created following the reorganisation and merger of several of Akfen's energy subsidiaries. The company will own a portfolio of renewable power generating assets with a current total installed capacity of 210 MW.
Contact Information
Company Contact Information Kadri Samsunlu ksamsunlu@akfen.com.tr http://www.akfen.com.tr/en/ 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.