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.

 The Company has a FY20202-2025 capital expenditure program of approximately US$400 million equivalent. The proposed IFC investment is an A Loan for up to US$75 million equivalent in Turkish Lira to support the Company’s capital expenditure program.

  The Company carries out electricity distribution services in five provinces in inner western Anatolia, Turkey: Afyon, Bilecik, Eskisehir, Kütahya and Usak.

 The likelihood of achieving the project development impact considers the following policy and governance risks:

1. low regulatory risks as the regulator, EMRA, has a consistent and solid track record in setting key regulatory parameters, in line with a cost-reflective tariff methodology that incentivize reduction of distribution losses and outages, and enables an environment conducive to innovations and replication by distribution operators;
2. strong government and policy commitment with the implementation of technologies to support smart grid transformation; and
3. low risks to termination of distribution license, which is subject to accomplishment of KPIs and mitigated by OEDAS and Zorlu Enerji record in meeting investment obligations and normative targets.