📋 Tender Overview
Türkiye
Project number:
55775
Business sector:
Transport
Notice type:
Private
Approval date:
12 Mar 2025
Status:
Exploratory
English-language PSD published:
05 Feb 2025
Project Description
The provision of a senior loan of up to EUR 225 million in favour of Fraport TAV Antalya Yatirim Yapim ve Isletme A.S. (the "Company" or the "Borrower") as part of a long-term project finance loan to be provided to the Company. The Company is an SPV established in Turkiye for the purposes of operating Antalya Airport ("AYT" or the "Airport") between 2027 and 2051, within the scope of a new 25-year concession awarded by the Turkish State Airports Authority ("DHMI") in 2021.
Project Objectives
The proceeds of the loan are expected to: (i) refinance the bridge loan raised by the Company between 2022-2024, and (ii) finance associated interest, financing and other expenses. By refinancing a bridge loan, the operation is expected enable the Company to replace a temporary financing solution with a sounder and long-term project finance loan.
Antalya Airport is the gateway to a leading leisure tourism destination in Europe and 3rd largest airport in Turkiye, having served 38.2m passengers in 2024.
Transition Impact
ETI score: 63
The Project will contribute to Inclusive and Resilient transition impact qualities.
Inclusive: The Project will offer economic opportunities to young women and men through training programs and promote inclusive business practices.
Resilient: The Project will contribute to the Borrower's financial resilience as well as enhance its institutional capacity and operational frameworks.
Client Information
FRAPORT TAV ANTALYA YATIRIM YAPIM VE ISLETME AS
The Company is 51% owned by TAV Havalimanlari Holding A.S. ("TAV") and 49% owned by Fraport AG Frankfurt Airport Services Worldwide ("Fraport"). Fraport and TAV (the "Sponsors") also jointly own Fraport TAV Antalya Terminal Isletmeciligi A.S., which will be operating AYT under an ongoing concession running until the end of 2026.
EBRD Finance Summary
EUR 225,000,000.00
The Bank will seek to mobilise B and parallel lenders.
Total Project Cost
EUR 3,800,000,000.00
The total project cost is estimated at circa EUR 3.8 billion to be financed by a combination of equity and debt.
Additionality
The Bank's financial additionality derives from offering a large volume needed to structure the project and mobilising participants under B-loans. Non-financial additionality stems from promoting inclusion and diversity in the male-dominated airport operations sector and ensuring application of international standards towards mitigating the E&S risks.
Environmental and Social Summary
Category A (ESP 2019) in line with the original project categorisation. The Antalya Airport expansion project was appraised by the Bank in 2022 and Board approved in January 2023. The proceeds of this proposed additional commitment will be used for refinancing
