Tredas Financing (EBRD-48387)

Countries
  • Turkey
Geographic location 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
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."
Voting Date
Oct 19, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
IC ICTAS ELEKTRIK TICARET A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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, this amount is converted to USD ($) on the date of disclosure. 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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents 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
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.
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
Here you can find a list of individual development financial institutions that finance the project.
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
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.
Atilay Noyan atilay.noyan@ictasenerji.com.tr +90 312 285 83 43 http://www.ictasenerji.com.tr/en 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 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.

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