Istanbul, April 6, 2011
—Acting as global coordinators, IFC, a member of the World Bank Group, UniCredit Corporate and Investment Banking, and WestLB AG have arranged a €700 million debt package for Turkey’s Enerjisa Enerji Üretim A.S. for the second phase of the company’s investment program, following a financing package of € 1 billion in 2008. The facilities comprise an IFC A/B loan facility, a parallel loan facility, and a special dedicated facility from development finance institutions. Enerjisa is owned jointly by Haci Omer Sabanci Holding S.A. and Verbund AG.
The financing will support construction of Enerjisa’s second large natural gas-fired thermal power plant in Bandirma, two hydroelectric power plants in Yamanli and Dogancay, and one wind power plant in Mersin. The projects will have total capacity of approximately 1.0 GW and an estimated cost of €1 billion. This financing represents the second phase of Enerjisa’s capital investment, which aims to develop 5.0 GW in generation capacity by 2015.
The Bookrunners and coordinating mandated lead arrangers have been joined by Societe Generale and TSKB (Industrial Development Bank of Turkey) as mandated lead arrangers; BAWAG P.S.K. Group, Vienna , Erste Group Bank AG, ING Bank and KfW IPEX-Bank joined as lead arrangers; and FMO (the Netherlands Development Finance Company), Raiffeisen Bank International and Proparco as co-arrangers.
“IFC support of investment plans for Enerjisa will help the company meet Turkey’s increasing demand for power,” said Gulrez Hoda, IFC Director for Infrastructure and Natural Resources. “This is another landmark project demonstrating the great cooperation between IFC and partnering financial institutions. The largest single syndicated IFC loan to date will set an example for further investments into Turkey’s transitioning energy market.”
Sabanci Holding Energy Group President Selahattin Hakman said, “We aim to reach the leadership position in the Turkish electricity market and possess a 10 percent market share by 2015. In addition to the natural gas combined cycle power plants in Kocaeli, Adana, Çanakkale and Mersin, with a combined capacity of 370 MW, and hydroelectric power plants located in the Antalya, Mersin and Kahramanmaras regions with a combined capacity of 85 MW, the 930 MW Bandırma Natural Gas Combined Cycle Power Plant was taken into operation in 2010, the Çanakkale Wind Power Plant in the first quarter of 2011, and the Hacininoglu Hydroelectric Power Plant at the end of March, which increased total capacity to 1,557 MW. The licensed portfolio of Enerjisa Enerji Üretim A.S. has reached a total capacity of 3,472.5 MW, including existing power plants, projects under construction and projects with ongoing engineering works as of the end of March 2011. In addition to this portfolio, projects with a total capacity of nearly 1,035 MW are at the license application stage.”
Bernhard Raberger, Turkey Representative for Verbund AG and Vice-Chairman of Enerjisa, said “Closing this financing package once more evidences the trust and confidence in Sabancı’s and Verbund’s strategic targets in the Turkish electricity sector. This trust is strongly supported by Enerjisa during the last six months putting into operation 1,100 MW of best-in-class power plants from the 2008 landmark financing round. We want to thank all existing lenders for continuing their long-term relationship with Enerjisa and welcome the new lenders joining this strong club of banks. In the second half of 2011 we plan to finalise additional financing to fulfil our 2015 targets, based on already licensed projects.”
“This is another important milestone for the growth strategy of our important Turkish client Enerjisa in the exciting power market in Turkey, one of our core markets,” said Gianni Papa, board member of UniCredit Bank Austria responsible for the CEE region. “We are very proud of contributing notably to this success story.”
“At the same time it is also an excellent example of how core clients in other UniCredit home markets like Austria can be served within the franchise, in this case Verbund as JV partner in Enerjisa,” said Helmut Bernkopf, responsible Verbund’s Austrian corporate business
“WestLB continues to support Enerjisa’s efforts to supply power to new markets and grow its business in Turkey’s private power sector, said Susana Vivares, Co-head of EMEA Energy Markets for WestLB. “We are committed to a long-term relationship with Enerjisa, a pioneer in the energy industry, as well as to the global energy sector.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
.
About UniCredit
UniCredit is a major international financial institution with strong roots in 22 European countries and an overall international network present in approximately 50 markets, with 9,600 branches, and more than 161,000 employees as of 30 September 2010. UniCredit operates the largest international banking network in Central and Eastern Europe, with nearly 3,900 branches. The Group operates in the following countries: Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
About WestLB Structured Finance
WestLB develops sophisticated structured solutions through a team of highly experienced investment banking professionals. WestLB has a long-standing presence in the corporate, structured and project financing sectors supporting clients' needs with capital commitments, advisory services and innovative financing solutions. The bank’s global relationships, coupled with its unique understanding of local economies, industries and cultures, help WestLB bankers consistently deliver high quality advice and service. WestLB had total assets of €191.5 billion, as of December 01, 2011. For more information, please visit
www.westlb.com
.
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