UniCredit has teamed up with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) to provide Akcez, a Turkish electricity supplier and distribution operator, and its subsidiaries with a long-term refinancing package worth US$325mn, partially in Turkish lira.
UniCredit alone is providing US$115mn, more than a third of the package, under the IFC and EBRD B-loan structure, while the multilateral banks are investing US$105mn each. It is the first time the EBRD is mobilising local currency financing under its A/B syndicated loan structure.
The package also includes additional capital expenditure (capex) financing loans. The capex portion of the refinancing package will support the expansion of Turkey’s electricity distribution network and help to decrease energy losses and improve energy efficiency.
“The transaction underlines our commitment to the Turkish power market and our mission to support our clients in growing their businesses in Turkey and the CEE region,” says Andrea Diamanti, head of financing CEE at UniCredit. “The transaction is another good example of UniCredit’s well-established co-operation with EBRD and IFC for structuring complex transactions in the Turkish market”