Turkiye: Enerjisa Enerji Sustainability Linked Corporate Loan for Network Modernization, Expansion, and Reconstruction (AIIB-000812)

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
Toroslar Region
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
  • Asian Infrastructure Investment Bank (AIIB)
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
B
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
Apr 29, 2025
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
Enerjisa Enerji A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
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)
$ 100.00 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.
Loan Amount (USD)
$ 100.00 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)
$ 325.00 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.
Bank Documents
Corporate Actor Documents
Other Related Projects
Primary Source

Original disclosure @ AIIB website

Updated in EWS Nov 4, 2025

Disclosed by Bank Apr 29, 2025

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

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 AIIB, the project development objective is to upgrade and expand Turkiye's regional electricity distribution capacity while reconstructing its earthquake-affected infrastructure, controlling its electricity losses, and promoting gender balance in the sector.

In line with the Objective, the Project will support the modernization and expansion of three electricity distribution networks under Enerjisa's management on behalf of the Turkish Electricity Distribution Company (TEDAS), as contemplated under Turkiye's Fourth Tariff Implementation Period (TIP-4), approved by the Energy Market Regulatory Authority (EMRA). A significant part of the loan proceeds will support the reconstruction of the Toroslar EDAS network, which was severely affected by two earthquakes in February 2023.

The financing will be structured as a sustainability-linked loan (SLL) in Turkish lira (TRY) and will use the Turkish Lira Overnight Reference Rate (TLREF) as a benchmark. Its remuneration is linked to defined Sustainable Performance Targets (SPTs) and certain key performance indicators (KPIs).

The Project is expected to address key corporate considerations and promote positive behaviors (i.e., control of electricity losses and gender balance) that go beyond the scope of the investments supported by the financing.

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

As stated in the project document, AIIB, the International Finance Corporation (IFC), and the Netherlands Development Finance Company (FMO) will be providing a joint SLL of USD325 million-equivalent in TRY for the Project.

Finance-in-Motion, an impact investor, will be providing through its fund Green for Growth Fund, SA, SICAV-SIF (GGF) a parallel USD15 million-equivalent SLL financing in support of the Borrower’s e-mobility business, on a non-pro-rata basis. The GGF tranche is part of the same documentation as the AIIB-IFC-FMO loan, but not part of 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.

As stated by Bloomberg, Enerjisa Enerji Anonim Sirketi provides utility services. The Company distributes and sells electric energy. Enerjisa Enerji supplies electricity to the residential, commercial, and industrial sectors in Turkey.

As stated by the AIIB, Enerjisa Enerji A.S. (Enerjisa or the Borrower) is Turkiye's largest electric utility, with a distribution network of over 334,910 kilometers, close to 12.4 million network connections, and 10.9 million retail customers. Enerjisa operates the distribution networks of three Turkish regions: AYEDAS (Istanbul Anatolian side), Baskent EDAS (Ankara, northern provinces), and Toroslar EDAS (Gulf of Adana, southern provinces).

Enerjisa also operates three retail companies, each in the same regions as DisCo companies: Enerjisa Toroslar Elektrik Perakende Satis A.S. (Toroslar EPSAS), Enerjisa Baskent Elektrik Perakende Satis A.S. (Baskent EPSAS), and Enerjisa Istanbul Anadolu Yakasi Elektrik Perakende Satis A.S. (AYEPSAS) (collectively, the RetCos; individually, a RetCo).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Finance in Motion GmbH Investor Finance invests in ENERJISA ENERJI AS Client Energy

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.

AIIB Team Leaders:

Suyez Pinto - Senior Portfolio Officer
Email: LN0812A-Turkiye-EnerjisaSLL@aiib.org

SungMin Hwang - Investment Officer
Email: LN0812A-Turkiye-EnerjisaSLL@aiib.org

Client - Enerjisa Enerji A.S.:

Cem Gokmen Gokkaya - Treasury, Risk, Investor Relations, and Tax Director
Email: cem.gokkaya@enerjisa.com

Müge Cevirgen - Corporate Finance And Treasury (Retail & Group) Group Manager
Email: muge.cevirgen@enerjisa.com

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

How it works

How it works