SEDAS

completed

The Project consists of the financing of Akcez Enerji Yatirimlari Sanayi ve Ticaret A.S.’s (“Akcez”) acquisition of 100% of the shares of Sakarya Elektrik Dagitim A.S. (“SEDAS”), the electricity distribution company for the Sakarya region in north-western Turkey, and its capital expenditures. Akcez acquired SEDAS through a privatization finalized in February 2009 where the company acquired 100% of the share of SEDAS for a consideration of $600 million, net of future capital expenditure requirements. The proposed IFC investment consists of a $75 million A loan to SEDAS for IFC’s own account, along with a $90 million B loan to be mobilized from international banks. SEDAS’s distribution network has a total line length of 40,491 km (12,864 km of Medium Voltage, 27,627 km of Low Voltage lines), 15 transformer stations (34.5/15 kV), 3 transformer stations (34.5/6.3 kV), 1,156 transformer stations (34.5/0.4 kV), 100 transformer stations (15/0.4 kV), 27 transformer stations (6.3/0.4 kV), 209 distribution center / switching substations (34.5/34.5 kV), and 3,345 SF6 (sulfur hexafluoride) breakers.