Enerjisa Yamanli II HPP

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Enerjisa was planning the development of the 78 MW Yamanli II hydropower plant, on the Goksu river, near Saimbeyli. The project was to comprise two stages, a 49.7 MW first stage and a 27.6 MW second stage. The first stage was to produce an annual 109.2 GWh, the total production was to be 304 GWh. Enerjisa was a joint-venture between Austrian Verbund and Turkish Sabanci. The Sabanci family was Sabanci Holding’s major shareholder (60.6%). The remaining shares (39.4%) were traded on the Istanbul Stock Exchange, which included 9.858% shares held by other family members previously registered to ISE. Verbund International GMBH was a wholly-owned subsidiary of VERBUND AG, and publicly traded on the Vienna Stock Exchange. The Austrian government held 51% of the shares. About 25% of the shares were held by the provincial energy suppliers TIWAG (5%), Wiener Stadtwerke Holding (10%) and EVN (10%). The remaining shares (24%) were free float. Commissioning was expected early-2013, construction started in October 2008. Engineering was done by Dolsar Energy, under a contract signed in January 2007 by Enerjisa-owned SER Energy. The EPC Contract was awarded to Mitsubishi Heavy Industries and A-TEC Power Plant Systems AG, from Austria. Financial closure for the second tranche was reached on March 24 2011, whilst the first was signed on June 13th 2008. The project was financed in combination with a natural gas power plant and ten hydropower plants. The second trache included the Dogancay hydropower plant, and the Mersin wind power plant. For the second tranche: total project cost was estimated at EUR1,000 million ($1.420 milion), for a total nameplate capacity of 1.000 MW. Loans were signed at a value of EUR700 million ($994 million), indicating a 70/30 debt to equity ratio. The financing was structured as an IFC A and B loan facility, a parallel loan facility and a DFI facility, provided by the International Finance Corporation IFC, WestLB AG and UniCredit Corporate and Investment Banking (UniCredit CAIB AG). The IFC A Loan totalled EUR75 million ($99.75 milion). The IFC B Loan totalled EUR530 million ($704.9 million), shared 50-50 by WestLB and UniCredit. The EUR65 million ($86.5 million) parallel loan was financed by TSBK. The maturity was establised at 12 years. The other mandated lead arrangers were KfW IPEX-Bank GmbH, the Industrial Development Bank of Turkey (TSBK), BAWAG PSK, ING Bank NV, FMO NV, Proparco, Bank Austria Creditanstalt AG, Erste Bank AG, Raiffeisen Zentral Bank Oesterreich AG, and Societe General. The second tranche was recorded as IFC Project number 29390. In the first tranche: total project costs were estimated at EUR1.4 billion ($2.0 billion). The IFC agreed to contribute $825 million, structured as a $200 million IFC A Loan, a $25 million IFC C Loan, and a $600 million IFC B Loan. Akbank T.A.S. arranged parallel financing totalling EUR402 million ($534.7 million), 12 year maturity, assisted by National Bank of Greece and the European Investment Bank EIB, who participated with EUR135 million ($179.6 million). The maturity was established at 12 years. Mandated Lead Arrangers for the first tranche B loan were: KfW IPEX-Bank GmbH, Bank Austria Creditanstalt AG, Erste Bank AG, ING Bank N.V., Raiffeisen Zentralbank Oesterreich AG, WestLB AG and Société Générale. The first tranche was recorded as IFC Project number 26016. The amounts in the PPP fields are on a pro-rata basis (MW) - 78/1000 MW. In 2012, E.ON acquired Verbund's shares in Enerjisa in return for 8 run-of-river hydropower projects totalling 351MW in Germany as well as EUR300 million in cash payments. The swap was expected to be finalized in the first quarter of 2013 after approval from the European Commission.