Overview

ICBC Turkey contributes EUR 71.67 million to EUR 215 million syndicated loan tranche to Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş and Kalyon Yatırım Holding A.Ş for capital needs (Linked to Record ID#66331)

Commitments (Constant USD, 2023)$83,317,352

Commitment Year•2019Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•TurkeySector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 25, 2019

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project seeks to address the working capital needs of three operational hydroelectric power plants: Tolun, Kürtül and Doğankent (TKD). More detailed locational information can be found at https://www.openstreetmap.org/way/172824820 and https://www.openstreetmap.org/way/393212684 and https://www.openstreetmap.org/way/172824819 and https://www.openstreetmap.org/way/230118788#map=16/40.6862/39.1258 and https://www.openstreetmap.org/way/277263799 and https://www.openstreetmap.org/way/277263800 and https://www.openstreetmap.org/way/393191295#map=19/40.64427/39.18574 and https://www.openstreetmap.org/way/230118789#map=19/40.64542/39.18500.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

ICBC Turkey Bank A.Ş.

Cofinancing agencies

State-owned Banks

Halkbank
Türkiye Vakiflar Bankasi T.A.O. (VakıfBank)

Receiving agencies

Private Sector

Kalyon Yatırım Holding A.Ş.
Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş

Loan desecription

ICBC contribution to EUR 260 million dual currency tranches syndicated loan to Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş and Kalyon Yatırım Holding A.Ş for capital needs

Interest type•Unknown

Narrative

Full Description

Project narrative

On April 25, 2019, Kalyon Yatırım Holding A.Ş. and Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş. signed an EUR 260 million ($288.21 million or (EUR 215 million plus TRT 279,522,000) syndicated loan agreement with ICBC Turkey, Turkiye Halk Bankasi (Halkbank), and Vakıfbank for the 262.7MW Torul, Kürtül and Doğankent (TKD) Hydroelectric Power Plant Privatization Project. #66329 captures the EUR section while #66331 captures the Turkish Lira part. The proceeds of the loan were to be used by the borrowers to make payments to Turkey’s Privatization Administration and address the working capital needs of three operational hydroelectric power plants: Tolun, Kürtül and Doğankent (TKD). These power plants were tendered by Privatization Administration with ‘Operate and Transfer Method’ from the state-owned Electricity Generation Company (EÜAŞ) in 2016. All three power plants have been operated by TKD Kuzey Enerji Üretim A.Ş. since 2016.

Staff comments

1. This project is also known as the Torul / Kürtün / Doğankent Dam Project. The Turkish project title is 262,7 MW kapasiteye sahip Torul, Kürtül ve Doğankent (TKD) Hidroelektrik Enerji Santrali Projesi’ne. 2. The size of ICBC’s contribution to the EUR 260 million syndicated loan is unknown. For the time being, AidData assumes equal contributions (EUR 86,666,666) across the 3 known participants in the loan syndicate. 3. Lexist Law Firm and GKC Partners served as transaction advisers. 4. Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş. is a privately-owned Turkish construction company. Kalyon Yatirim Holding A.Ş. is a Turkish construction company that has interests in gas importing to Turkey. The company is privately-owned.