Antalya Airport LTF

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 The proposed investment is a long-term project finance (LTF) facility of up to EUR 300million to refinance the existing bridge loan to Fraport TAV Antalya Yatirim,Yapim ve Isletme A.S. (“FTA” or “the Company”) committed in two tranches (respectively #46443 and #48780) in March 2023 (EUR 150million) and March 2024 (EUR 75million). FTA is 51% owned by TAV Airports Holdings and 49% by Fraport AG (“the Sponsors”). The proposed IFC investment will be part of a EUR2.6 billion LTF package that will (i) refinance FTA’s existing EUR2.3 billion bridge loan for the CAPEX expansion program of the Antalya Airport (“AYT” or “the Airport”); (ii) finance interest payments, fund reserve accounts and other costs to be incurred by FTA.AYT has been in operation since 1960. It covers an area of 13 km2 and is located 3 km northeast of the Muratpasa District Centre of Antalya Province in the Mediterranean Region of Türkiye. The airport is 60 meters above sea level and surrounded by agricultural lands and settlements.The Company will be responsible for the terminal operations of AYT for a term of 25 years starting from 1st of January 2027 (the “take over date”), excluding air traffic control and airside management which will continue to be operated by DHMI. Ahead of the takeover date, on, FTA will undertake the CAPEX expansion program which entails a construction period of c. 36 months. The CAPEX expansion program covers i) airside works of additional apron space, apron for new hangar area; additional taxiways; all infrastructure works for new maintenance hangar area and catering  and hydrant system; ii) terminal works of expansion of International Terminal 2, expansion of Domestic Terminal (T4); and related car parks, Multi-story car park with roof heliport; and iii) other works including offices and lounges and general aviation terminals, DHMI housing, mosque; access roads, access gates, landscaping and new utility center, wastewater treatment facility, energy distribution lines, and solar farm with 4 MW installed capacity. The joint venture (JV) of TAV Construction and Sera Yapi (“ATS” or the “EPC contractor)) has been selected as the Engineering, Procurement and Construction (EPC) Contractor of the expansion works.An Associated Facility (AF) of the project is the new fuel farm (currently under construction) to be operated by a third party with 85,000 m3 storage capacity in the northern part of the AYT replacing the existing fuel farm with 37,000 m3 capacity located within the AYT. There are no material changes to the environmental and social (E&S) risks identified and disclosed in November 2022 and in July 2024.