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- Facility with innovative structure, first of its kind, to fund expansion of Crescent Capital's Renewable Energy Portfolio
- Expands QInvest's investment and track record in Turkey
Istanbul/ Doha - QInvest, Qatar's leading investment group and one of the world's most prominent Islamic financial institutions, has provided a 5 year US$ 30 million murabaha mezzanine finance facility for Crescent Capital to fund its acquisition of a 100% stake in Akocak HPP, an operational 81 MW hydro-electric power plant in Turkey.
QInvest has structured and invested in this transaction, which is the first of its kind, alongside Garanti Bank, Turkey's leading energy and infrastructure financier and the sole senior lender for the dual-tranche funding package of US$ 100 million. The agreement was formalised at a signing ceremony which was attended by Aygen Yayıkoğlu, Founder and Managing Partner of Crescent Capital, and Can Güçlü, Managing Director in the Investment Banking Division of QInvest.
The investment was made through Crescent's Clean Energy Transition Fund (CETF), the first energy-focused private equity fund in Turkey, backed by leading international financial institutions. Akocak is CETF's eighth investment to date, and is a "run-of-river" hydroelectricity power plant located in the province of Trabzon, Eastern Black Sea Region and has been acquired from a large Turkish energy holding company.
Aygen Yayıkoğlu, Founder and Managing Partner of Crescent Capital, said:
""We are thankful to QInvest for their support on this transaction based on their specialist experience in murabaha financing, prominent position in the GCC, and understanding of the Turkish market. Based on the success of this transaction, we look forward to deepening our cooperation in the future"."
"We continue to play a pioneering role in our market as the only PE firm fully focused on energy and infrastructure. Given the substantial pipeline of opportunities, we are in the process of mobilizing additional capital and build a large portfolio of clean energy assets, which are increasingly becoming attractive to long-term investors seeking stable cash flows." Yayıkoğlu added
Can Güçlü, Managing Director, from QInvest said:
"We have been analyzing at the Turkish Energy sector for some time now as we felt that it has great opportunities to offer. We are extremely proud to be part of such a landmark transaction. QInvest's facility allowed the transaction to conclude by supporting Crescent capital with mezzanine financing. Our structured finance team worked hard to devise a structure that met the needs of Crescent Capital to acquire this asset in a sharia'a compliant way. We have shown that we have the experience to arrange competitive and sophisticated sharia'a compliant financing solutions for our client's globally across a range of sectors."
"We are delighted to sign this agreement with Crescent Capital, and look forward to supporting them in the financing of this important project with a view to developing a long term partnership." Güçlü concluded.
Qatar's QInvest has previously completed a number of successful Islamic financing transactions in Turkey. The bank lately announced another year of robust growth recording its highest revenue since inception culminating an increase in both revenues and net profit of 32% and 76% respectively.
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About Crescent Capital
Crescent Capital is the first Turkish private equity firm dedicated to energy and infrastructure investments. Based out of Istanbul, Crescent focuses on projects and companies in Turkey, South Eastern Europe, and Central Asia. The firm's highly experienced international team brings together backgrounds in structured finance, private equity, law, engineering, and project development. Crescent's institutional investor base includes the largest financiers of infrastructure projects in the region. For more information, please visit: www.crescent.com.tr
About QInvest LLC
QInvest is Qatar's leading investment bank with operations across the Middle East, Africa and Europe, and one of the most prominent Islamic financial institutions in the world. QInvest has built world class investment and advisory capabilities, with the highest standards of governance and transparency underpinning its client-focused approach. The firm's priority is to deliver high-value propositions, considered solutions and tangible results for its clients and shareholders.
The firm has offices in Doha, Riyadh and Istanbul, as well as affiliates in India and the UK. Its team of investment professionals is the largest in the MENA region and provides a blend of broad international experience, deep regional knowledge and unparalleled relationships in Qatar. This reach and range of skills uniquely position the firm to facilitate the flow of business between Qatar, the region and global markets, making it a key institution in Qatar's international investment plans.
QInvest's three business divisions are Asset Management, Investment Banking and Principal Investments. It has unrivalled expertise in structuring Islamic products and provides clients with Sharia'a compliant solutions quickly and competitively.
QInvest was licensed by the Qatar Financial Centre Authority in April 2007 and is authorised by the Qatar Financial Centre Regulatory Authority. QInvest's shareholders include Qatar Islamic Bank, other institutional investors, as well as high-net-worth individuals. The firm has authorized capital of US$ 1 billion and paid up capital of US$ 750 million.
www.qinvest.com
For enquiries:
QInvest: Bassel Hanbali - Head of Marketing, Corporate Communications & Investor Relations
Tel: +97466542099
Email: bassel.hanbali@qinvest.com
© Press Release 2016
