PROJECT

Projects

Summary of Investment Information

Project Number

37872

Company Name

KREMNA ENERJI URETIM VE TICARET A.S.

Date SPI Disclosed

Apr 4, 2016

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

May 6, 2016

Environmental Category

B - Limited

Status

Active

Last Updated Date

Nov 30, 2016

Department

Regional Industry - INF ECA

Industry

Infrastructure

Previous Events

Approved : May 27, 2016
Signed : Jun 10, 2016
Invested : Jun 17, 2016

Sector

Large Hydro - Renewable Energy Generation

Project Description

The proposed project involves an up to US$94 million debt financing package for Kremna Elektrik Uretim A.S. (the “Kremna” or the “Company”). Kremna is a special purpose vehicle owned 100% by Gama Enerji Anonim Sirketi (“Gama Enerji” or the “Sponsor”), an IFC equity investee company.

Gama Enerji was the winning bidder at the privatization tender held on November 9, 2015, for Karacaoren-1 (32MW) and Karacaoren-2 (46.4MW) dam and hydroelectric power plants (total of 78.4MW), which have been operational for the last 23 years. The privatization is in the form of Transfer-of-Operating-Rights for 49 years.

The Project purpose of the Project is to finance: (i) acquisition consideration of TL515 million (~US$177 million); (ii) replacement and rehabilitation capital expenditures; and (iii) development, financing costs, and a 12-month DSRA.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation