ZORLU ENERJI GETS USD 375M FINANCE

Zorlu Holding’s energy subsidiary Zorlu Enerji has obtained finance corresponding to USD 375m in total from international finance institutions, including the European Bank for Reconstruction and Development (EBRD), Asian Infrastructure Investment Bank (AIIB), International Finance Corporation (IFC), Entrepreneurial Development Bank (FMO), and Denizbank, according to Elif Yener, CFO of Zorlu Enerji. The long-term finance, which has been fully obtained and will be paid in TRY, will be used for renewal, modernization, and expansion of the electricity distribution network of the company’s electricity distribution subsidiary Osmangazi Elektrik Dagitim AS (OEDAS). The network serves around 1.9 million subscribers while OEDAS provides electricity distribution services to Afyonkarahisar, Bilecik, Eskisehir, Kutahya, and Usak provinces. “The FMO has provided USD 100m in total, including an additional amount of USD 25m to be activated towards the end of 2022 in case of need, while the AIIB, EBRD, IFC, and Denizbank have contributed USD 75m, USD 50m, USD 75m, and USD 75m, respectively,” said Yener.