OEDAS Financing (EBRD-49207)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Specific Location
Osmangazi: Afyonkarahisar, Bilecik, Eskiiehir, Kutahya, Uiak
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
Proposed
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
Apr 11, 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
Osmangazi Elektrik Dagitim A.S
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 Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 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)
$ 710.00 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 6, 2018

Disclosed by Bank Feb 28, 2018


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Project Description

This project provides financing to Osmangazi Elektrik Dagitim A.S (OEDAS), the electricity distribution company of the Osmangazi region (inner western Anatolia, Turkey), for the upgrade, moderniztaion, and expansion of the distribution network in the region. 

This project is part of a larger program providing equity financing to Zorlu Enerji Elektrik Uretimi A.S. for the acquisition of OEDAS and Osmangazi Elektrik Perakende Satis A.S., the electricity retail firm. 

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

USD 360 million for the acquisition of OEDAS and OEPSAS was fully funded by Zorlu in 2017 and USD 350 million capex investments to be provided by a group of international financial institutions, including the EBRD, and commercial banks.

Private Actors

OEDAS is owned since 2017 by Zorlu Osmangazi, a company founded in 2016 by Zorlu Holding A.S. as a 100 per cent subsidiary of Zorlu Enerji.

OEDAS is the incumbent for the distribution of electricity in the Osmangazi region which includes five provinces covering a c. 50,000 km2 area, Afyonkarahisar, Bilecik, Eskiiehir, Kutahya and Uiak, with a total population of around 2.6-2.7 million people.

The company has circa 42,000 km of distribution lines and c. 5,000MVA of transformer installed capacity.

Contact Information

Elif Yener
+90 212 456 23 00
Levent 199, Büyükdere Cad. No:199, Postcode 34394, Istanbul

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.