Enerjisa bond (EBRD-49201)

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
Jul 11, 2017
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
ENERJISA ENERJI AS
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 27.54 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 24 million
Converted using 2017-07-11 exchange rate.
Loan Amount (USD)
$ 27.54 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 24 million
Converted using 2017-07-11 exchange rate.
Project Cost (USD)
$ 275.38 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 240 million
Converted using 2017-07-11 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 20, 2018

Disclosed by Bank Aug 2, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to EBRD website, the Bank has subscribed TRY 100 million (EUR 24 million) in Enerjisa Enerji A.S.'s latest TRY 335 million (EUR 80 million) local currency bond issuance. This issue is part of the company's TRY 1,000 million (EUR 240 million) bond programme as approved by the Capital Markets Board of Turkey. It is expected to assist in increasing the average tenor of bond issuances in the corporate bond market and mobilise investor interest for future bonds. 

The project's transition impact stems mainly from the following key areas which are set under the TRY Corporate Bond Framework:

Resilience: the Project (as a subproject under the Framework) aims to show the viability of the local currency bond financing for a broader range of Turkish corporates. While the Turkish corporate sector is well versed in bank financing, bond financing particularly for non-financial institutions and with longer tenors, is relatively scarce in comparison with the size and potential of the market. Diversifying funding sources and lengthening of their tenors will ultimately strengthen the resilience of Turkish corporates and make them less susceptible to potential turmoil in the banking sector.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information

Project Contact: Aysegül Öcal
Email Address: ENERJISA_FINANS@enerjisa.com
Telephone No.: +90 212 385 8861
Office Address: Sabanci Center Kule-2 4.Levent, 34330, Istanbul, Turkey

General enquiries to EBRD: 
Telephone No.: +44 20 7338 7168
Email Address: projectenquiries@ebrd.com

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.