Enerjisa Signs 750 Million-Euro Loan Agreement

Enerjisa Enerji Uretim AS, a Turkish electricity provider owned by Vienna-based Verbund AG (VER) and Turkey’s Haci Omer Sabanci Holding AS (SAHOL), has signed an agreement for a 750 million-euro ($909 million) loan.

The Istanbul-based Enerjisa will use the facility to help finance the development of the 450 megawatt lignite-fired Tufanbeyli power plant and the associated mine, near the southern city of Adana, the company said in an e-mailed statement today. Enerjisa will generate electricity in the plant to sell in the free market, without a purchase guarantee, the company said.

“We invest in local resources to meet the increasing energy needs of Turkey,” Selahattin Hakman, President of Sabanci’s energy group, said. “This investment also shows our confidence in a free market based on competition.”

Korea Trade Insurance Corp has insured a large part of the loan, Enerjisa said. Societe Generale, HSBC Bank Plc, Raffeisen Bank International AG and Deutsche Bank AG (DBK) are among the creditors.

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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