Zorlu Osmangazi bond (EBRD-49764)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Specific Location
Osmangazi
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
Closed
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
Nov 28, 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
ZORLU OSMANGAZI ENERJI SANAYI VE TICARET AS
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 18.30 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 70
Converted using 2017-12-20 exchange rate.
Project Cost (USD)
$ 78.45 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 300
Converted using 2017-12-20 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 28, 2019

Disclosed by Bank Dec 20, 2017


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Project Description

This project provides financing to Zorlu Osmangazi Enerji Sanayi ve Ticaret A.S. for the upgrade and expansion of the electricity distribution network of the Osmangazi region in Turkey. This investment is made through a subscription in the company's local currency bond issuance.

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

Zorlu Osmangazi was founded in 2016 by Zorlu Holding A.S. as a 100% subsidiary of Zorlu Enerji Elektrik Uretimi A.S. in order to acquire 100% of the shares of Osmangazi Elektrik Dagitim A.S. ("OEDAS") and Osmangazi Elektrik Perakende Satis A.S. ("OEPSAS"), the incumbent electricity distribution and retail companies for the Osmangazi region.

Zorlu Enerji is one of the largest independent power producers in Turkey, with more than 1,000MW installed capacity, of which c. 750MW is located in Turkey. Zorlu Holding, which has 84.5% total interest in Zorlu Enerji, was founded in 1968 by Mehmet Zorlu as a textile producer and has grown into one of the largest conglomerates of Turkey. The holding operates under the following business segments: textiles, electronics and white goods, energy, real estate and mining.

Contact Information

Elif Yener
elif.derekoylu@zorlu.com
+90 212 422 00 99
Levent 199, Büyükdere Cad. No:199, Postcode 34394, #i#li/#stanbul

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.