ICBC Turkey contributes TYR 93.174 million in a syndicated loan tranche of TYR 279.522 million to Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş and Kalyon Yatırım Holding A.Ş for privatization of hydroelectric power plants (linked to project #66329)

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.

Additional details

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.

Number of official sources

7

Number of total sources

10