Bogazici Elektrik Dagitim A.S. (BEDAS)

Active

Prospective

In May 2013, Bogazici Elektrik Perakende Dagitim A. S. took over Bogazici Electricity Distribution Inc (BEDAS or Bogazici grid) on for a concession term of 30 years. BEDAS distributed electricity to the European side of Istanbul to over 4 million customers. Bogazici Elektrik Perakende Dagitim A S is a joint venture of local Turkish companies, Cengiz Holding, Limak Holding and Kolin Construction. The Cengiz-Limak-Kolin consortium won a competitive tender held in December 2012 for the BEDAS concession with the highest bid of USD 1.96 billion. The concession was part of a government program to bring private management and investment in the regional electricity distribution companies owned by the state-owned Turkiye Elektrik Dagitim A.S. (TEDAS). The program followed a Transfer of Operating Rights and Share Sale model ('TSS model'). In this model, the private investor became the sole owner of the distribution companies' equity and the unique licensee for distributing electricity in each region for a period of 30 years. However, TEDAS retained ownership of the distribution network assets and of certain other items essential for operating the distribution assets. The private investor was obliged to undertake the necessary network investments, recoverable through the tariffs. These investments and tariffs needed to be approved by the regulator, Energy Market Regulatory Authority (EMRA). In May 2013, Cengiz-Kolin-Limak consortium secured $1.96 billion in financing from seven Turkish banks for the Bogazici grid. The lenders for the 12-year loan, with a two-year grace period were Isbank, Garanti, Yapi Kredi, Halkbank, Denizbank , Vakifbank and Ziraat. http://www.kolin.com.tr/english/companies/energy.html http://www.cengiz.com.tr/en-us/Sectors/Energy/Pages/Bogazici-Electricity-Distribution.aspx

Energy

World Bank Group

Project

Power Generation (CCGT), Government