As part of an innovative two-stage financing model, Alternative has been chartering its ships for two years. As the route proved successful the company now intends to acquire the three vessels. With the EBRD’s help Alternative has secured the necessary long-term financing to buy the ships, according to the report.
The Bank’s €63 million investment comes under an A/B loan structure where the A-loan of €55.5 million is for the Bank’s own account and the B-loan portion of €7.5 million is syndicated to Cordiant Capital Inc, a Montreal-based infrastructure fund manager specialising in emerging markets.
EBRD started investing in Turkey in 2009 and currently operates from offices in Istanbul, Ankara and Gaziantep.
To date, the EBRD has invested almost €4.5 billion in the country in more than 130 projects in infrastructure, energy, agribusiness, industry and finance. In just five years the EBRD’s portfolio in Turkey has become one of the largest among the countries where the Bank invests.
More about:
