Translated version of this PSD: Turkish
An equity investment, in the form of capital increase, in Ictas Yenilenebilir Enerji Uretim ve Ticaret A.S. , an existing renewable energy entity with a portfolio of operational renewable power generation assets only. The portfolio of the investee company consists of circa 400MW of operational hydro power plants and numerous renewable projects in the pipeline. The investee company will be controlled and majority-owned by its parent company, IC Ictas Enerji Yatirim Holding.
Support the development and construction of new renewable power generation projects located across several regions of Turkey.
The project will target the "green" quality of an open market economy by supporting the investee company in the development and diversification of its portfolio of power plants, currently made up of around 400MW of hydro power plants, notably by adding assets with dispatchable capacity and intermittent renewable electricity generation capacity. In addition, the project will contribute to the "well-governed" quality by improving standards for corporate governance and business conduct through the review of current board practices and management systems and by helping implement best practices in the investee company via a shareholders' agreement.
ICTAS YENILENEBILIR ENERJI URETIM VE TICARET AS
Ictas Yenilenebilir Enerji Uretim ve Ticaret A.S. founded in 1998, is fully-owned by IC Ictas Enerji Yatirim Holding which is indirectly fully owned by the Cecen family. The investee along with its parent company and IC Elektrik - an existing client of the Bank - consolidate the Cecen family's activities in the energy sector, which are integrated across the whole electricity energy value chain. It includes electricity generation with total installed capacity of 1,450MW spread across 10 HPPs (via Ictas Yenilenebilir Enerji) and two thermal plants acquired from the Privatisation Administration in 2014 (via IC Ictas Enerji Yatirim Holding); electricity wholesale; electricity distribution; and electricity retail (incumbent for the Thrace region).
Environmental and Social Summary
The project is currently subject to Environmental and Social Due Diligence (ESDD) and has been categorised B in accordance with EBRD's 2014 Environmental and Social Policy. The risks and impacts associated with the proposed transaction can be readily identified and mitigated by way of independent Environmenal and Social Due Diligence. This due diligence, currently in progress, includes a review of the company's corporate environmental and social capacity, policies and procedures as well as an assessment of the environmental and social performance of the its existing portfolio (10 hydropower plants) against the EBRD's Environmental and Social Policy, Hydropower Guidance Note and other relevant standards and requirements.
Ictas Yenilenebilir Enerji intends to expand by developing additional renewable energy generation assets, including wind farms, solar plants and hydropower plants, through inorganic growth mainly. Any such future projects that have the potential to trigger Category A requirements would be treated at such during project development/acquisition cycle by the company, however, as there are no such sub-projects currently identified this does not affect the overall categorisation of the current EBRD project. The company will need to develop procedures for the future development of any such projects - and potential acquisition of existing assets or concessions - in line with the EBRD's performance requirements.
Independent due diligence is currently being completed by a consultant team with EBRD input. An Environmental and Social Action Plan (ESAP) will be developed to ensure that the company - at a corporate level - has sufficient capacity in place to meet the performance requirements and that the existing assets in the portfolio meet the applicable requirements. In addition, the ESAP will require that all future projects be developed in line with the performance requirements.
This project summary document will be updated following the completion of the ESDD exercise.
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