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Deal analysis: Enerjisa 2
18 May 2011
Energising Turkey’s power potential - John Geddie reviews the IFC, UniCredit and WestLB arranged A/B loan facility for the second stage of financing for Enerjisa’s development plans in Turkey. The deal is the latest in a continuing period of rapid infrastructure development across Turkey.
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Enerjisa
Turkey power
IFC power
WestLB Turkey
UniCredit Turkey
infrastructure Turkey
TSKB
Turkey project development
Verbund
Acting as global coordinators, IFC, UniCredit, and WestLB have arranged a 12-year, a700 million ($1.02 billion) debt package for Turkey’s Enerjisa Enerji Üretim for the second phase of the company’s investment programme.
This deal follows a landmark financing package of Eu1 billion back in 2008 (Trade Finance 01/07/08). At the time, Enerjisa 1, a venture jointly owned by Haci Omer Sabanci Holding and Verbund, was the largest international transaction for a private company supplying the deregulated power market in Turkey, and investment in the country’s energy sector has continued apace.
But an investment on the scale of Enerjisa, requires sizable debt financing from multilaterals and development banks. Enerjisa 2 comprises an IFC A-loan (Eu65 million); a B-loan facility (Eu525 million split equally between UniCredit and WestLB); a parallel loan facility arranged by TSKB – the Industrial Development Bank of Turkey (Eu65 million); and a...
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