Karacaoren HEPPs (EBRD-48279)

  • 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
Bank Risk Rating
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
Jun 8, 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.
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 44.00 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)
$ 195.40 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 Jun 20, 2017

Disclosed by Bank Apr 19, 2016

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Project Description
The EBRD is providing a senior secured loan of up to USD 44 million to Kremna Enerji ve Ticaret A.S. fully owned by Gama Enerji A.S. for the acquisition of Karacaoren-1 and Karacaoren-2 hydroelectric power plants located in Burdur, Turkey from the Privatisation Administration.
Investment Description
GAMA ENERJI A.S. is a Special Purpose Vehicle fully owned by GEAS and is established to take over the operating rights of the HEPPs. GEAS is a private power and water company headquartered in Turkey with operational assets in Turkey and Jordan. GEAS owns and operates a portfolio of 260MW of power generation assets in Turkey and also owns 100 per cent of the Disi Water BOT supply project in Jordan with a conveyance capacity of 100m3/year. Furthermore GEAS has a 840MW natural gas-fired plant and a 43MW wind power plant under construction. GEAS is owned 50.5 per cent by Gama Holding A.S., 30 per cent by Tenaga Nasional, 14.5 per cent by IFC and 5 per cent by AMC Global Infrastructure Fund.

Contact Information
Doruk Bilge Tuncer, EHS Manager dtuncer@gamaenergy.com +90 312 248 46 00 Gama Building Nergis sok. No:9 Sogutozu Ankara, Turkey 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.