Tredas Financing (EBRD-48387)

  • 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
Oct 19, 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)
$ 134.75 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)
$ 684.25 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 May 15, 2017

Disclosed by Bank Jun 8, 2016

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Project Description
EBRD is providing a senior loan to Trakya electricity distribution company (TREDAS), Trakya electricity retail company (TREPAS), and to their parent company, IC Ictas Elektrik (ICEL) (together the co-borrowers) to be used for (i) refinancing existing financing package (acquisition of TREDAS, working capital and existing CAPEX) and (ii) financing new CAPEX for the 2016-2020 tariff period.Planned investments by TREDAS for 2016-2020 period are mainly related with the distribution network.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
The transaction is part of an approximately USD 685m dual currency financing package to be cofinanced by IsBank, Garanti Bank, VakifBank and TSKB. IC ICTAS ELEKTRIK TICARET A.S. is a majority-owned by IC ICTAS Construction, a sister company of IC Ibrahim Cecen Yatirim Holding A.S. ("ICH"), a diversified conglomerate founded in 1969, with activities in construction, energy, infrastructure investments and concessions, tourism and real estate. TREDAS holds the distribution license and the exclusive right to operate the electricity distribution network in the Thrace region until 2036. It provides electricity distribution services to circa 1 million consumers in three provinces, namely Tekirdag, Kirklareli and Edirne. TREPAS was created in 2013, when it was required by law to unbundle distribution and retail companies.
Contact Information
Atilay Noyan +90 312 285 83 43 Konya Yolu No: 182/B Blok Kat: 23 Balgat, 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 or you can submit a complaint online using an online form, You can learn more about the PCM and how to file a complaint at