We are proud to announce that Cranmore Partners acted as exclusive and sole financial adviser to Enerjisa Uretim A.Ş. (“Enerjisa”), the largest independent power producer in Turkey, with an operating installed capacity of 3,607MW across 21 assets, on its EUR650m refinancing. The refinancing, the largest financing to date in 2020 in the power sector in Turkey, marks a significant milestone for Enerjisa as a transition from a highly structured, sponsor-supported project finance portfolio, to an unsecured corporate-style loan without sponsor support.
The refinancing, also the largest sustainability-linked loan in Turkey to date, was implemented with the participation of 6 local and international banks (and, where applicable, their subsidiaries), and paves the way for Enerjisa’s growth through potential investments in renewable energy in Turkey. It consists of a EUR-denominated single tranche amortising club term loan.
“We are delighted with Cranmore’s support in making such a transformational financing possible despite the challenging global environment”, said Ihsan Erbil Bayçöl, CEO of Enerjisa. “It was an honour supporting Enerjisa in such a strategic financing, which furthermore demonstrated Cranmore’s value contribution in complex innovative transactions”, said Yusuf Macun, Managing Partner of Cranmore.