Global Biomass Project (EBRD-49681)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Turkey
Where the impacts of the investment may be experienced.
Specific Location
Aydin
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Oct 17, 2018
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
Mavi Bayrak Enerji
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)
$ 17.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 17.00 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)
$ 65.00 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 Mar 12, 2019

Disclosed by Bank Oct 15, 2018


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Project Description

According to the Bank's website, this project provides financing to a special purpose vehicle fully owned by Global Investment Holding for the construction and operation of Soke Extension, a biomass power plant with 12 MW installed capacity located in Aydin province of Turkey. This project is part of financing for the construction of an existing 12 MW biomass plant in Soke and a 12 MW biomass plant in Mardin.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Mavi Bayrak Enerji ('MBE' or the 'company') was founded by GIH to develop and operate biomass plants in Turkey. MBE owns the Soke - I biomass power plant and the new Soke Extension. MBE's sister company Mavi Bayrak Dogu ('MBD') owns Mardin biomass power plant. Both MBD and MBE are directly owned by Consus Energy, which is in turn a wholly-owned subsidiary of GIH.

GIH, a Turkish conglomerate listed on the Borsa Istanbul, was founded in 1990 as an independent brokerage and investment banking firm in Turkey and transformed into an investment portfolio company in 2004, which has interests in cruise and commercial port operations, energy, mining, real estate and finance. GIH has been a client of the Bank since 2015.

Contact Information

Project Contact: Atay Arpaciogullari
Email Address: ataya@global.com.tr
Telephone No.: +902122434450; +902122446161
Website: www.globalyatirim.com.tr/tr/
Office Address: Rihtim Caddesi No: 51 Karakoy 34425 Istanbul, 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.