Early Warning System

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

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

Jan 24, 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

Enerjisa Enerji AS

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)

$ 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)

$ 110.00 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

Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 12, 2024

Disclosed by Bank Jan 31, 2024

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 Bank’s website, the project consists of a senior unsecured loan of up to USD 100 million equivalent in TRY to Enerjisa Enerji A.S. The project will be co-financed by the High Impact Partnerships for Climate Action funding framework with a loan of up to USD 10 million.

Enerjisa Enerji is an existing client of the Bank, operating electricity distribution and electricity retail business in Turkiye, serving a quarter of Turkiye's population.

Enerjisa Enerji operates as a JV between Sabanci Holding and E.ON, with each holding 40%. The remaining 20% is free float on Borsa Istanbul.

The proceeds of the loan will be used to support modernization and reconstruction investments of the electricity network in the Toroslar Region (electricity distribution region consisting of five cities, all of which are in the southern part of Turkiye), affected by the destructive earthquakes of 6 February 2023.

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.

Category B (ESP 2019). Environmental and social issues associated with the financing of modernization and reconstruction of the electricity network of a distribution company can be readily assessed and mitigated based on the findings of the independent Environmental and Social Due Diligence (ESDD). The Bank has a long-term experience of working with the Company with satisfactory E&S performance as one of the leading energy companies of Turkiye.

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 unsecured loan of up to USD 100 million equivalent in TRY. The project will be co-financed by the High Impact Partnerships for Climate Action funding framework with a loan of up to USD 10 million.

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.

Enerjisa Enerji is one of the leading private utility players in Turkiye, listed on the Borsa Istanbul. The Company operates electricity distribution networks and retail electricity supply companies in three regions: Ankara, Asian side of Istanbul and central southern part of Turkiye. It operates as a JV between Haci Omer Sabanci Holding A.S. ("Sabanci Holding") and E.ON International Participations N.V. (fully owned by E.ON SE ("E.ON")), with each partner holding 40%. The remaining 20% of shares are in a free float on Borsa Istanbul following an IPO in February 2018.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	ENERJISA ENERJI AS	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

Cem Gokmen Gokkaya
cem.gokkaya@enerjisa.com
00905304614086
https://www.enerjisa.com.tr/
Barbaros Mah. Begonya Sok. No: 1/1 Nida Kule, Bati Atasehir Istanbul / Türkiye

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