OSMANGAZI ELEKTRIK DAGITIM AS (IFC-45265)

Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Specific Location
Afyon, Bilecik, Eskisehir, Kütahya and Usak provinces
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
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
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
Oct 15, 2021
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
OSMANGAZI ELEKTRIK DAGITIM 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)
$ 75.00 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)
$ 400.00 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 @ IFC website

Updated in EWS May 9, 2022

Disclosed by Bank Sep 15, 2021

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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 provides funding to the Osmangazi Elektrik Dagitim A.S. to finance the expansion, upgrade and rehabilitation of electricity distribution network. 

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

 The Company is wholly owned by Zorlu Osmangazi Enerji Sanayi ve Ticaret A.S. (“Zorlu Osmangazi”), a holding company which in turn is wholly-owned by Zorlu Enerji Elektrik Uretimi A.S. (“Zorlu Enerji”).

Zorlu Enerji is one of the largest independent power producers in Turkey, with interests in power generation, trading, distribution and supply to end-consumers. It owns and operates approximately 1,390 MW of power generation across different technologies in Turkey, Israel and Pakistan. In 2016, Zorlu Enerji established Zorlu Osmangazi to acquire the Company and Osmagazi Elektrik Perakende Satis A.S. (“OEPSAS”), the incumbent electricity supplier operating in the Company’s distribution region. 

Zorlu Enerji is listed on the Istanbul Stock Exchange and is majority owned by Zorlu Holding A.S. Zorlu Holding is one of the largest conglomerates in Turkey, with business segments diversified across energy, electronics and white goods, textiles, real estate and mining.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Osmangazi Elektrik Dagitim A.S. 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.

PROJECT CONTACT INFORMATION

Zorlu Enerji
Mr. Erdinc Cetin
Manager, Financing
+90 212 456 2708
erdinc.cetin@zorlu.com
Levent 199, Buyukdere cad. No:199 34394 Sisli, Istanbul, Turkey
www.zorluenerji.com.tr

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works