Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Turkiye

Geographic location where the impacts of the investment may be experienced.

Specific Location

Geycek

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

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

Sep 25, 2024

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

Polat Enerji Yatirimlari 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 Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 65.00 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)

$ 88.90 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.

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 30, 2024

Disclosed by Bank Aug 1, 2024

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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 a senior loan of up to USD 65 million with a tenor of up to 7 years to Polat Enerji Yatirimlari A.S., a renewable energy company operating in Turkiye.

The proceeds of the Loan will be used for the development and construction of (i) 30.8MW wind capacity expansion at the Borrower's operating WPP portfolio (i.e. Soma WPP, Geycek WPP and Poyraz WPP), (ii) a 46.6MW solar plant (which will be developed under hybrid power plant regulation) co-located with the operating Geycek WPP, and (iii) a battery storage project with an installed capacity of 10.0MWh also co-located with the Geycek WPP.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (ESP 2019). The ESDD has confirmed that none of the sites are located in sensitive areas nor in located in proximity to protected areas and are not on main bird or bat migratory routes. There are no specific cultural heritage sensitivities for the new investment sites however, a chance finds procedure will be in place. Land selected for additional turbines and the hybrid solar facilities does not have other specific sensitivities.

Land acquisition specific to project was through free market transaction for the wind expansion (Poyraz) and all other land acquisition was from public lands.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

A senior loan of up to USD 65 million with a tenor of up to 7 years. The Project is also expected to benefit from concessional financing from the Global Energy Storage Program in the amount of USD 5.0 million, subject to donor's approval.

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.

Polat Enerji Yatirimlari A.S. is a diversified renewable energy company, 50/50 owned by the Turkish group Polat Holding A.S. and Is Enerji Yatirimlari A.S., a subsidiary of Turkiye Is Bankasi A.S. The Borrower has one of the largest wind portfolios in Türkiye and is an existing client of the Bank.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Adnan Polat Enerji Yatirimi A.S.	Client	-

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.

COMPANY CONTACT INFORMATION

Mehmet Ali Cerit
mehmetali.cerit@polatenerji.com
0212 213 66 35
www.polatenerji.com
Gursel Mah. Imrahor Cad. No: 23, B Blok, Kat: 3, 34400, Kagithane, Istanbul/Turkiye

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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