EBRD Joins IFC and UniCredit in Financing Turkish Energy Privatization
In a drive to help privatize energy distribution in Turkey, the EBRD has joined with International Finance Corp. (IFC) and UniCredit Bank AG to provide financing of up to USD $325 million. The financing package is being made available to the Akcez Enerji Yatirimlari Sanayi ve Ticaret A.S (Akcez) consortium and it's electricity distribution subsidiary Sakarya Elektrik Dagitim A.S. (SEDAS). UniCredit leads the three investors with a USD $150 million commitment, while the EBRD is contributing USD $100 million and IFC adds USD $75 million.
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