PROJECT

Projects

Summary of Investment Information

Project Number

36711

Company Name

AKCEZ ENERJI YATIRIMLARI SANAYI VE TICARET AS

Date SPI Disclosed

Nov 11, 2015

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Jan 21, 2016

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Jan 31, 2024

Department

Regional Industry INF MCT

Industry

Infrastructure

Previous Events

Approved : May 3, 2016
Signed : May 20, 2016
Invested : Jun 27, 2016

Sector

Distribution Business

Project Description

The proposed investment is a senior loan to Akcez Enerji Yatirimlari Sanayi ve Ticaret A.S.(Akcez) in Turkey, which is a holding company of the electricity distribution, Sakarya Elektrik Dagatim A.S. (Sedas) and electricity supplier, Sakarya Elektrik Perakende Satıs A.S (Sepas). Sedas, which was acquired through privatization in February 2009, is the exclusive electricity distributor in its license region covering provinces of Sakarya, Bolu, Duzce and Kocaeli. Electricity supplier, Sepas, was unbundled from Sedas in 2013.
The scope of the proposed project is to: refinance the outstanding debt of USD 250mln raised in 2010 for the acquisition of Sedas, and to finance the Sedas’ capital expenditures in amount of approximately USD 150 mln in electricity distribution sector in the new regulatory period (2016-2020). Capital expenditures are aimed at providing continuous and high quality electricity distribution services through renewal of the distribution network and capacity increase in order to meet new customers and decrease of technical losses.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation