As stated by the FMO, the purpose of the financing is to fund the approved CAPEX program expected to exceed USD 200mln for the remainder of the current implementation period (covering 2021-2025) to expand, modernize, the distribution network in the UEDAS concession area. FMO provides a senior long term loan of up to USD 30mln equivalent in Turkish Lira and co-invests with two multilateral development banks. The rest of the funding need will be covered by commercial banks as well as equity contribution.
Financing UEDAS' investments fits well with FMO’s strategy as it contributes to (among others) the expansion and modernization of the distribution network in a key industrial area of Turkey. Proceeds of the financing are earmarked towards investments leading to improvements in the continuity and quality of supply, grid expansion and renewal as well as implementation of smart grid technologies to further limit faults in the network. FMO's Green Label also applies to this transaction.
The FMO categorized the project as B+.
As stated by the FMO, established in Turkey, Uludag Elektrik Dagitim A.S., one of the twenty-one regional electricity distribution companies in the country, is operating in the Uludag region, which includes four provinces in the southern part of the Marmara Sea. The Company is responsible for undertaking investments and operations & maintenance of the medium and low voltage distribution network in the region. UEDAS is ultimately owned by Actis Long Life Infrastructure Fund through intermediary subsidiaries.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|Actis LLP||Parent Company||Infrastructure||owns||Uludag Elektrik Dagitim AS||Client||Energy|
Client - Uludag Elektrik Dagitim A.S. (UEDAS):
ACCESS TO INFORMATION
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ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism