GAMA ENERJİ HAS SUCCESSFULLY COMPLETED THE FINANCIAL RESTRUCTURING OF İÇ ANADOLU COMBINED CYCLE GAS TURBINE PLANT’S DEBT.

The Financial Restructuring Agreement of 853 MW İç Anadolu Combined Cycle Gas Turbine Plant (İÇAN) which is the biggest investment of GAMA Enerji A.Ş. with its total 1.100,4 MW installed power was signed on the 30th of June and closed upon completion of conditions set in the agreement on the 26th of August 2021. İÇAN makes a significant contribution to Turkey producing 5.100,00 GWh annually, supplying 1,5% of the electricity consumed in Turkey and more than 25% of the electricity consumed in Ankara.

GAMA Enerji who’s ownership structure is 50,5% GAMA Holding, 30% Malaysian energy company Tenaga Nasional Berhad’s subsidiary Global Power Energy Trade Inc., 14,5% World Bank Establishments IFC and 5,0% GIF, has successfully refinanced USD 595M debt of it’s 853MW ICAN plant which is it’s biggest investment.

In a statement made by GAMA Enerji General Manager Tamer Çalışır, it was clarified that due to fluctuations in both domestic and international energy and financial markets after 2015, combined cycle gas turbine plants were unable to generate sufficient cash, thus İÇAN needed to restructure its credit debt. Mr. Çalışır also stated that, in the restructuring process which started at the end of 2017, a total of 12 domestic and international financial institutions and multiple consultants were involved. Collectively, we came to a sustainable agreement by maintaining part of the aforementioned debt in Turkish Lira and agreeing tranches with 7 and 12 year term payment plans.

Mr. Çalışır has noted that with this restructuring GAMA Enerji plans to solidify it’s place in the energy industry by creating environmental and financial value for society while sharing common sustainability targets with it’s employees and shareholders.

Tamer Çalışır, has offered his heartfelt thanks to everyone who has put effort in to the successful conclusion of the agreement despite the difficult economic conditions that surround the energy industry, and exhibited a constructive and solution-oriented attitude led by İş Bankası together with Garanti Bankası, Yapi ve Kredi Bankası, Denizbank and Industrial and Development Bank of Turkey, finance and restructuring consultant KPMG, company legal advisor GKC Partners, legal advisors of creditors Verdi Law Firm and Ciftci Attorney Partners and market advisor Aplus Energy.

22 Years in the ENR List

As GAMA, we are proud to be consistently ranked in the ENR List of Top International Contractors for 22 years. We would like to thank the entire GAMA family for their efforts and contributions.