$100m EBRD loan finances expansion of Turkey’s Enerjisa Enerji

The European Bank for Reconstruction and Development has agreed a financing package worth $100 million in Turkish lira extended to Enerjisa Enerji, one of the country’s largest utilities. 

The transaction will be the first EBRD loan linked to the new Turkish Lira Overnight Reference Rate (TLREF) benchmark, which is expected to become the reference rate for corporate lending in Turkey. The loan will finance the company’s ongoing investment programme.

The TLREF is a new rate, developed by the government, regulator, Borsa Istanbul and other market participants with advice from the EBRD Treasury.