29359 - AkEnerji

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Summary of Proposed Investment

Project Number

29359

Company Name

AKENERJI ELEKTRIK URETIM ANONIM SIRKETI

Date SPI Disclosed

Apr 5, 2010

Country

Turkiye

Industry

Infrastructure

Projected Board Date

Jun 10, 2010

Status

Completed

Sector

Large Hydro - Renewable Energy Generation

Department

Regional Industry INF MCT

Environmental Category

A - Significant

Previous Events

Approved : Jun 10, 2010
Signed : Jun 24, 2010
Invested : Sep 3, 2010

Project Description

The Project consists of A and C loan financing to Akenerji Elektrik Üretimi A.S. (Akenerji) to support five small scale hydropower projects under construction / development on Seyhan river basin and future potential power distribution projects pursued by AkEnerji. The Project cost for Akenerji to complete these five hydropower projects is $338 million. The proposed IFC investment consists of up to $ 65 million A loan and $10 million C loan to Akenerji.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	75.0
Equity

Development Impact

The Project’s development impact is as follows: (i) creating 160MW additional renewable energy for the country; (ii) supporting power sector reform by increasing the share of private generation in Turkey's overall electricity generation in order to move towards possible EU accession and the creation of a regional energy market; and (iii) leveraging IFC's experience in financing generation projects in deregulated markets. Through the above, the Project will positively impact the fiscal and macroeconomic stability of Turkey.

IFC’s role and additionality in this Project will include: (i) supporting reputable sponsors with a significant investment program in the generation segment of Turkey’s electricity market, which is in transition and in strong need of private sector investment given the looming power deficit in generation; (ii) providing much needed long-term financing to Akenerji, with adequate grace periods, to help sustain Akenerji’s ambitious growth program in generation (expected to reach 3,000MW in the next few years); and (iii) strengthening the Company’s environmental and social management systems and policies, in line with WBG requirements.

This is a category A project according to IFC’s Procedure for Environmental and Social Review Projects.

Key environmental and social issues are:
- Environmental and social assessment and management systems of Akenerji to develop sustainable power projects;
- Adequacy of the environmental and social mitigation measures proposed for the Akenerji’s five hydropower projects to be supported by IFC;
- Management of labor and working conditions including occupational health and safety performance by Akenerji;
- Pollution control mechanisms, use of natural resources, control of cumulative impacts especially by the five hydropower projects on the Seyhan River Basin being developed by Akenerji;
- Akenerji’s management of community health, safety and security;
- Akenerji’s management of land acquisition and compensation in developing projects; and
- Effectiveness of external communication and community engagement being conducted by Akenerji.

Contacts

For Inquiries About the Project, Contact

Özge Özen Aksoy Finance Group Manager Akenerji Elektrik Üretim A.S. Miralay Sefik Bey Sk. Akhan No:15 Kat:3 34437 Gümüssuyu/Istanbul Turkey Email: oozen@akenerji.com.tr Telephone: +90 (212) 249 8282

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

Local Access of Project Documentation

The EIAs and/or Project Information File for the five hydro projects to be supported by IFC A and C loans have been disclosed at project affected areas of each project site. These as well as Akenerji Supplemental Action Plan (March 2010) agreed with IFC are being disclosed as attachments to the IFC ESRS, but also being disclosed by Akenerji at the following location: Name of the Place: Akenerji Elektrik Uretim A.S. Address: Miralay Sefik Bey Sokak Ak Han No: 15, Gumussuyu, Istanbul, Turkey Additional information about Akenerji’s overall environmental and social management programs can be obtained by Akenerji’s officer or Akenerji’s website: Name: Sevgi Ulugol Title: Environmental and Quality System Manager, Akenerji Email: sulugol@akenerji.com.tr Telephone: 90-212-249-8282 Website: www.akenerji.com.tr

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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