Turkey's Zorlu Energy signed project-financing agreements for $330 million with the European Reconstruction and Development Bank (EBRD), International Finance Corporation (IFC), Netherlands Development Finance Company (FMO) and local banks to support its investments in the electricity distribution sector, a statement said Friday.
According to the company's statement, EBRD provided $110 million, IFC gave $80 million, FMO supplied $65 million and local banks provided the remainder.
The financing is long term and will be re-paid in Turkish lira, the statement said.
The loan will be used to support Zorlu Energy's 100 percent subsidiary Osmangazi Electricity Distribution Company's (OEDAS) investment in grid and distribution infrastructure, according to the company.
Last year, Zorlu Energy bought OEDAS, which distributes electricity in Turkey's Central Anatolian provinces of Afyonkarahisar, Bilecik, Kutahya and Usak.
In the statement, Elif Yener, Zorlu Energy's finance director commended the financing as a show of international trust in Turkey's economy.
OEDAS invested 425 million Turkish liras ($91.8 million) in its infrastructure since last year.
The total investment will reach $330 million by 2020, Yener noted.
By Nuran Erkul Kaya
Anadolu Agency
energy@aa.com.tr
