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Washington, DC/New York, June 30, 2008—
Acting as global coordinators, IFC, a member of the World Bank Group, Akbank T.A.ª., and WestLB AG, have arranged a €865 million debt package for Turkey’s EnerjiSA Enerji Üretim A.S., as part of a €1.44 billion financing for the initial phase of the company’s investment program. EnerjiSA is owned jointly by Haci Omer Sabanci Holding S.A. and Verbund Österreichische Elektrizitätswirtschafts-Aktiengesellschaft, the equity providers. The first phase will develop the company’s capacity to generate 12,000 gigawatt-hours of electricity a year, potentially reaching 5.7 million consumers.
The project will build 10 hydroelectric power plants in Cambasi, Ceyhan, and Seyhan basins and a natural gas-fired thermal plant in Bandirma, with a total capacity of 1,900 megawatts. The financing package is the largest international transaction for a private company in Turkey that will supply the country’s deregulated power market. Given market conditions, this financing sends a strong signal of confidence that EnerjiSA will become a leading private power generator in Turkey’s liberalized electricity market.
Rashad Kaldany, IFC Director for Infrastructure, said, “IFC is pleased to support the development of a merchant power operator in Turkey, as ongoing structural and regulatory changes have added uncertainty for prospective investors in the sector. This investment will help EnerjiSA meet the country’s incremental demand for power, given the supply shortages that are expected beginning in 2009.”
“As one of the leading banks in the Turkish project finance market, Akbank is delighted to finance EnerjiSA’s phase one portfolio together with IFC and other major international banks,” said Mr. Cem Mengi, Executive Vice President of Corporate Banking Division of Akbank. “We are also keen on financing the upcoming projects of EnerjiSA, as we believe the company is a very promising candidate to become one of the blue-chip energy companies of not only Turkey, but the region, with its well diversified portfolio, know-how and strong sponsors. As it has been the case in the past, Akbank will proudly continue to support the “renewable” and “clean” energy investments required for the sustainable economic growth of Turkey.”
Susana Vivares, Co-head of EMEA Energy Markets for WestLB, said, “WestLB is pleased to be one of the lead banks on such an important deal for Turkey’s private power sector. We look forward to supporting EnerjiSA, a pioneer in the energy industry, as it aims to supply power to new markets and grow its business.”
IFC arranged €513 million, which includes senior and subordinated loans of €158 million for its own account. IFC and WestLB jointly arranged a €355 million syndicated B-loan Facility, with a 12-year maturity, that attracted international investors. The Mandated Lead Arrangers joining the syndication were KfW IPEX-Bank GmbH, Bank Austria Creditanstalt AG, Erste Bank der oesterreichischen Sparkassen AG, ING Bank N.V., Raiffeisen Zentralbank Oesterreich AG, and Société Générale. In addition, Akbank T.A.ª. arranged and underwrote parallel financing of €352 million, with a 12-year maturity, with National Bank of Greece/Finansbank A.S. joining as a Mandated Lead Arranger.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
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About Akbank
With higher strong capital base and deposit franchise, low-cost funding opportunities and consistent growth in its asset size, Akbank has become most profitable banking operation among privately owned banks in Turkey. The bank has become the leading bank in the corporate segment as a solution partner through its proactive and customer approach, and carried out its total assets to approximately US$62,093 million and its market capitalization to US$11,748 million as of 1Q08. Akbank corporate banking offers products through its corporate banking branches tailored to meet the requirements of its customers in this segment. Foreign subsidiaries of Akbank, located in Germany and Netherlands also serve as supplementary distribution channels. They do offer alternative cost and product opportunities for corporate customers especially in project finance and structured trade finance. For more information, please visit
www.akbank.com
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About WestLB Capital Markets
WestLB develops sophisticated structured solutions through a team of highly experienced investment banking and capital markets professionals. The bank has a long-standing presence in the corporate, structured, and asset-backed financing sectors, supporting clients’ needs with capital commitments, advisory services, and innovative financing solutions. Its global relationships, coupled with its unique understanding of local economies, industries, and cultures, help WestLB bankers consistently deliver high-quality advice and service. The bank had total assets of €285 billion as of March 31, 2008. For more information, visit
www.westlbmarkets.com
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