Istanbul, Turkey, July 14, 2015 - IFC,
a member of the World Bank Group, and a fund managed by the IFC Asset Management
Company (AMC) have acquired a 27% stake in GAMA Enerji, supporting the
company’s expansion of power and water services in Turkey and the region.
This represents the first equity investment in the infrastructure sector
in Turkey by IFC and the fund, and one of IFC’s largest equity investments
in the infrastructure sector globally.
GAMA Enerji is a power and water investment company headquartered in Ankara
with operations in Turkey and Jordan. The company has an existing net installed
capacity of 258 MW and 100 MCM/per annum of water conveyance capacity,
and is currently constructing a power project of 840 MW (equity capacity
of 806 MW) and developing a pipeline of greenfield power projects of 255
MW in Turkey.
“We are very pleased to welcome IFC and GIF as our partners to GAMA Enerji.
This investment by IFC and GIF shows confidence both in GAMA Enerji and
the power and water sectors in Turkey. Together with our new partners we
look forward to establishing a new platform for our growth in Turkey and
the region,” said Hakan Ozman, CEO of GAMA Holding and Chairman of GAMA
The energy sector remains one of the most important sectors for the Turkish
economy. Energy generation, energy security, energy efficiency, and climate
change mitigation are some of the many facets that Turkey focuses on, while
working to meet the country’s energy demands.
“This is IFC’s first equity investment in the Turkish infrastructure
sector and one of IFC’s largest equity investments in infrastructure globally,”
said Wiebke Schloemer, IFC’s Regional Industry Head of Infrastructure
in Europe, Middle East and North Africa (EMENA). “By increasing the company’s
power generation capacity to meet rising demand, we expect to help spur
development and boost long-term growth in Turkey and beyond.”
Darius Lilaoonwala, Co-Head of the IFC Global Infrastructure Fund, said,
“This is the IFC Global Infrastructure Fund’s first investment in the
EMENA region as well as the power sector globally. We are pleased to partner
with GAMA Enerji, a growing company and important player in the power and
water sectors in Turkey and the region.”
IFC continues to finance power generation to meet Turkey’s growing
medium to long-term needs. In the last five years, more than $3 billion
has been leveraged by IFC to support private-sector efforts designed to
increase energy generation, improve energy efficiency, and mitigate the
impacts of climate change in the country.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org
About GAMA Enerji
GAMA Enerji A.Ş. develops and invests
in power and water infrastructure projects in Turkey and the surrounding
region. GAMA Enerji A.Ş. owns shares in plants which have total electricity
capacity of 2,019 MW (equity capacity of 1,214.5 MW), and water conveyance
capacity of 100 million m3/year. For more
information, visit www.GAMA.com.tr/en/energy
About GAMA Holding
GAMA, founded in 1959, builds power plants, refineries, cement, petro-chemical
and gas plants, factories, high-rise buildings, water treatment plants
and transmission lines, bridges, and other infrastructural projects along
with funding various energy investments. GAMA is a leading international
contractor who have successfully completed 400 projects in 25 countries
extending from Ireland in the west to Russia’s Sakhalin Island in the
east. GAMA Holding Companies currently undertake projects valued 4 billion
USD in 7 countries. Besides serving as an EPC company and contractor, GAMA
also invests in energy and health projects. For more information, please
About AMC and GIF
IFC Asset Management Company LLC (AMC), a wholly-owned subsidiary of IFC,
invests third-party capital, enabling outside investors to benefit from
IFC’s expertise in achieving strong equity returns, as well as positive
development impact in the countries in which it invests. It manages $8.1
billion of capital across eight investment funds, including the IFC Global
Infrastructure Fund (GIF) which invests alongside IFC in equity and equity-related
investments in infrastructure projects and companies in developing countries.
For more information, visit www.ifcamc.org