| Project Detail |
Location:
Türkiye
Project number:
52502
Business sector:
Transport
Notice type:
Private
Environmental category:
A
Status:
Concept Reviewed
PSD disclosed:
24 Aug 2023
Project Description
The provision of a senior loan of up to EUR 100 million targeted to be approved by early-2024 in favour of Nakkas Otoyol Yatirim ve Isletme A.S. (the "Borrower", or "SPV"), a special purpose vehicle owned by RNS PPP Altyapi Ticaret A.S., RC Ronesans Insaat Taahhut A.S. and REC Uluslararasi Insaat Yatirim Sanayi ve Ticaret A.S., with SPVs shareholders being ultimately owned by Ronesans Holding A.S. ("Ronesans" or the "Sponsor"). Ronesans was awarded in 2020 a 20-year concession by the General Directorate of Highways of Turkiye ("KGM") for the construction and operation of a motorway connecting Nakkas and Basaksehir junctions in Istanbul. A dedicated long-term investment vehicle managed by Meridiam SAS ("Meridiam") is considering participating to the Project through acquiring a shareholding in the Borrower.
Project Objectives
EBRD proceeds will be used to partially finance the Borrowers development, financing and other expenses to complete construction of the Nakkas - Basaksehir Motorway (the "Motorway"), within the scope of the implementation contract signed between KGM and the Borrower under the build-operate-transfer scheme.
The Project constitutes a section of the Northern Marmara Motorway ("NMM") which spans over the Asian and European sides of the wider Istanbul and Marmara regions, providing an alternative transit route bypassing the existing traffic, increased due to the growing population and economic activity. The section to be constructed as part of the Project is expected to provide a corridor between the heavily congested urban areas of Istanbul, and increase connectivity from these areas to the wider NMM network. |
