Garanti BBVA provided TL 400 million in financing to Enerjisa Enerji, the leading player in the electricity distribution and sales sector, operating in partnership with Sabancı Holding and E.ON, within the scope of financing infrastructure and network investments. The loan, which is extended with a total maturity of 5 years with a non-repayment period of one year, is one of the first loans with a large montane provided with this model in the market with its structure indexed to the Turkish Lira Reference Interest Rate (TLREF).

BUY: AN IMPORTANT DEVELOPMENT TOWARDS THE TRANSPARENCY AND RELIABILITY OF LOCAL FINANCIAL MARKETS

Garanti BBVA Corporate and Investment Banking Deputy General Manager Ebru Dildar Edin said: "We anticipate that the use of TLREF-indexed loans will become increasingly widespread. This mechanism offers an important opportunity for the development of the long-term TL credit market. One of the new options we can offer while providing the long-term financing needs of our customers, especially those whose income is denominated in TL, with the same currency (TL) is TLREF indexed loans. We believe that the establishment of this mechanism, which offers advantages for both the financing provider and the party accessing the financing, is an important improvement towards the transparency and reliability of local financial markets. As Garanti BBVA, we will continue to support the dissemination of this product, in other words, the development of the TLREF-indexed credit market."

MOSER: WE ARE DELIGHTED TO LEAD THE EXPANSION OF TLREF MECHANISM

Enerjisa Enerji CFO Michael Moser said in his statement on the subject: "With this loan, we have completed the financing of the network and technology investments we will make in 2020. We believe that the fact that the loan is both TLREF indexed and long-term prevents possible exchange rate risks and is very valuable in terms of financial sustainability. As Enerjisa Enerji, we are also happy to lead the spread of this mechanism. I hope that the agreement will be beneficial for all our stakeholders."