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Tender for sale of loan towards Adularya comprising the 290MW Yunus Emre power plant in Turkey

PrincipalInterest and feesSeniorityAlready investedApplicable lawInstalled capacity
€433 mil. €120 mil. Senior €700 mil. English 2 x 145 MW

Opportunity highlights

  • Sole secured creditor with pledge all over assets and shares of the debtor

  • State-of-the-art lignite power plant close to commissioning

  • Well located power plant close to Turkish main grid

  • Lignite power plants benefit from state subsidy program

Czech Export Bank is selling its receivable towards Adularya, which owns a lignite-fired power plant, a lignite mine and all required licenses needed for the operations.

 

The loan receivable is fully secured by all assets of the debtor. The pledge comprises of lignite-fired power plant, a lignite mine, commercial enterprise including licenses and shares.

 

The loan was provided for the construction of the Yunus Emre Power Plant. The non-performing loan comprises of principal EUR 433m and interest and fees of EUR 120m.

 

The receivable is further secured by Naksan Plastik, part of Naksan Holding, and currently under the administration of the Savings Deposit and Insurance Fund of Turkey.

The power plant and the mine are located at the main grid network connecting Istanbul with Ankara and industrial centers of Izmir and Bursa.

 

With growing demand, government support alongside the developing economy, the energy sector represents an unique investment opportunity and the power plant is eligible for the state subsidy program.

 

The sale tender is organized by the Czech Export Bank in the form of an auction with bid submissions as at 31 January 2021.

 

 

The detailed information is available in the virtual data room accessible after the formal participation request.

For more information about the tender click here

E-mail: adularya@cz.ey.com

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