6/26/2019
Application Filed to the Competition Authority for Share Transfer between İçtaş Sürdürülebilir Enerji Yatırımları A.Ş. and EBRD
32 percent of the shares of İçtaş Sürdürülebilir Enerji Yatırımları A.Ş. will be transferred to the EBRD...
An application has been made to the Competition Authority for the transfer of some of the shares of İçtaş Sürdürülebilir Enerji Yatırımları A.Ş. to the European Bank for Reconstruction and Development (EBRD) which will finance the company. The application was made for the following transaction: "Takeover of the premium stocks to be issued by İçtaş Sürdürülebilir Enerji Yatırımları A.Ş. ("Company") by the European Bank for Reconstruction and Development. As part of the Transaction, the European Bank for Reconstruction and Development may acquire the shares to be issued in the capital increases to be made multiple times up to 32.258064516129% of the shares of İçtaş Sürdürülebilir Enerji Yatırımları A.Ş. The funds to be transferred to the Company by th European Bank for Reconstruction and Development will be used to make the partial payments for privatization of the Kadıncık 1 Hydroelectric Power Plant and Kadıncık 2 Hydroelectric Power Plant of ICRE, a 100% affiliate of the Target Enterprise, to the Privatization Administration to provide partial funding for the purchase or development of the facilities or licenses of power generation using renewable energy resources." EBRD and IC Enerji had signed a $100-million partnership agreement: As it is known, a $100-million partnership agreement was signed by EBRD and IC Enerji Holding, the renewable energy company of IC İçtaş Holding. Currently operating 10 hydroelectric power plants with a total capacity of 400 MW, İçtaş Sürdürülebilir Enerji Yatırımları was planning to use the $100-million funding to be provided by the EBRD to make a new investment with 250-MW capacity. In addition, partial privatization payment of the Kadıncık hydroelectric power plant in Mersin would be funded TEBA:1917/ May 9, 2019. As can be remembered, a 864.1-million-TL contract was signed by IC İçtaş Group and Privatization Administration for Kadıncık 1 and 2 HPPs TEBA:1775/ July 26, 2016.
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