Up to USD 100 million senior loan with 9-year tenor (the "Loan") to Adnan Polat Enerji Yatirimi A.S. (the "Borrower", the "Company" or "APEY"), a renewable energy company 50/50 owned by the Turkish group Polat Holding A.S. ("Polat Holding") and Maxis Girisim Sermayesi Portfoy Yonetimi A.S ("Maxis"), a subsidiary of Is Yatirim Menkul Degerler A.S. (together the "Sponsors").
The proceeds of the Loan will be used to refinance the existing debt of the Borrower`s subsidiaries (the "Project"). The Project will enable new renewable energy investments of ca.200MW and potentially integrated energy storage facilities until 2025 by reducing APEY's debt exposure and thereby strengthening APEY's balance sheet.
ETI score: 67
ETI score: 67
The Transition Impact arises from the Green and Inclusive qualities:
Green: (i) the proposed loan will replace facilities utilised on development of wind projects for a renewable energy producer (RES represents 100% of generation) and (ii) the transaction will help restructure the APEY group companies' balance sheet, thereby providing for additional financing headroom required to continue investing in renewable pipeline in the next five years.
Inclusive: The project is expected to enhance access to market-relevant skills and employment opportunities for women and young people by strengthening the capacity of the Company to improve the school-to-work transition of prospective renewable energy specialists.
ADNAN POLAT ENERJI YATIRIMI AS
Adnan Polat Enerji Yatirimi A.S.
Adnan Polat Enerji Yatirim A.S. is a renewable energy company, owned by Polat Holding (50%) and Maxis (50%), with a total installed capacity of 695MW under two subsidiaries Erguvan RES (110MW) and Polat Enerji (585MW).
EBRD Finance Summary
Total Project Cost
The Bank's additionality derives from (i) the Bank's involvement in the financing given the limited favourable funding sources available due to macroeconomic conditions, and (ii) promotion of gender inclusion standards.
Environmental and Social Summary
Category B (2019 ESP). Environmental and Social issues associated with the construction and operation of wind projects and hybrid solar projects on existing sites can have material impacts and a review is needed of the location and sensitivity of each site, baseline data and mitigation measures to avoid or reduce bird and bat impacts. The on-going ESDD has confirmed that none of the sites are located in sensitive areas or that the expansion of the existing renewables energy projects would trigger A category.
The ongoing ESDD has confirmed that the Company has the institutional capacity to implement the Bank's Performance Requirements and has in place various management systems, plans, procedures and associated capacities to appropriately manage the environmental and social impacts and risks associated with its activities.
The Company operates a number of renewables assets, namely wind power projects and one solar plant. The Company confirmed these are in-compliance with the national law and the Company has been implementing good industry practices. ESDD also reviewed future investment plans. These consist of wind, solar and hybrid solutions, which are not located in sensitive areas, and would not trigger A-category. The Company is undertaking robust monitoring and notably for avifauna and results have not indicated any material impacts on birds and bats. Based on the ESDD an ESAP will be developed incursive of commitments to comply with the Bank's PRs and development of appropriate studies as well as disclosure of Non-Technical Summaries on future projects.
The Company's HR policies and procedures are in line with Turkish legislation and largely with the EBRD's Performance Requirement (PR) 2. The Company is implementing best practices although some improvements are required with respect to improvement of OHS performance within the supply chain. The Company has used Korean suppliers for solar panels, which are not associated with human rights allegations. The Company also filled in questionnaire on its supply chain management policies and practices which show some level of control through contracting. ESAP includes actions towards strengthening this.
The Company is implementing a corporate ESAP agreed as part of previous loans. This will be reviewed and updated as appropriate based on the current ESDD.
The Company will be required to submit annual E&S reports to the Bank and provide NTS' on new projects under development as well as any ESDD reports. The Bank will monitor the implementation of the ESAP with planned monitoring visits.
The PSD will be updated upon the completion of the ESDD.
Company Contact Information
+90 212 222 88 46
+90 (212) 213 66 39
Gursel Mah. Yanki Sk. Kagithane No :27B/8 Kagithane/Istanbul
PSD last updated
27 Jun 2022
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Independent Project Accountability Mechanism (IPAM)
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