Ankara Dogal Elektrik Uretim ve Ticaret A.S.

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In September 2008, Istanbul-based Zorlu Enerji (Zoren), the energy arm of Zorlu Holding, acquired nine power generation facilities belonging to state-owned Ankara Dogal Elektrik Uretim ve Ticaret A.S. from the Turkish Privatization Administration (OIB). Zorlu Enerji acquired the Engil gas-fired power plant in the eastern province of Van, and 30-year operating rights for the Tercan, Kuzgun, Mercan, Ikizdere, Cildir, Beykoy and Atakoy hydropower plants and the Denizli geothermal plant. Zorlu Enerji won the nine power plants via a competitive tender on March 5, 2008, by offering the highest price to the government (S$510 million). The energy arm of Zorlu Group, a textile and electronics company, beat off competition from 26 rival bidders including Calik Enerji, Aksa Enerji, Turkerler, Kiler Alisveris and Ozaltin.The project sponsor indicated after winning the tender in March 2008 that the company would invest US$150 million in the facilities. The High Board of Privatization approved the transfer and the sale of the following power plants on May 7th, 2008. The amount was paid in full and in cash, in line with the agreement signed on September 1st, 2008. Zorlu Enerji signed the sale contract with the Privatization Administration and paid the transfer fee in one installment in September 2008. Zorlu Enerji informed the Istanbul Stock Exchange that its 99% subsidiary, Zorlu Dogal Enerji, obtained a US$360 million loan from local lender Garanti Bankasi’s Luxembourg branch and local Akbank’s Malta branch to finance the acquisition. It was reported that the loan had a term of one year and seven days. In December 2010, Zorlu Energy secured a US$410 million loan from Akbank(US$215 million) and Garanti Bank(US$215 million) at a 12 year maturity to refinance generating assets it bought in 2008 and finance some investment.