Mav Elektrik Arikcayiri BPP (EBRD-53973)

  • Turkiye
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Feb 23, 2023
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.
Mav Elektrik Uretim Sanayi ve Ticaret A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 27.11 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.
Currency conversion note:
Bank reported 25
Converted using 2023-01-14 exchange rate.
Project Cost (USD)
$ 88.02 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.
Currency conversion note:
Bank reported 81.17
Converted using 2023-01-14 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 17, 2023

Disclosed by Bank Jan 4, 2023

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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.

According to the Bank’s website, the project consists of an EUR 25 million equivalent in USD loan with 6-year tenor in favour of Mav Elektrik Uretim Sanayi ve Ticaret A.S., a corporation incorporated in Turkiye.

The proceeds of the Loan will be used to replace EUR 10 million short-term bridge loans, and EUR 15 million shareholder loans injected to fund construction and equipments costs of the 30MWe Arikcayiri Biomass Power Plant, fuelled by poultry litter. The Loan will provide long term funding matching with long-term assets of the company.

The biomass plant is powered via a combustion system with travelling grate and three-pass boiler that uses poultry litter (a mix of manure, bedding material, residual feed and feathers) as the fuel source and conventional steam turbines.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Mav Elektrik Üretim Sanayi ve Ticaret A.S. is a special purpose vehicle, engaged in renewable energy generation, owning and operating 30 MWe Arikcayiri BPP fuelled by poultry litter, located in Bolu, Türkiye. Gulsan Holding A.S. ("Gulsan Holding") fully owns the Company.


Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Gulsan Holding A.S. Parent Company -

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.


Ceyhun Bulut
+90 342 337 11 80
Baspinar (Organize) OSB Mahallesi O.S.B 1.Bölge 83102 Nolu Cad. No:16 Sehitkamil/Gaziantep/TURKIYE


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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.

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