Istanbul-listed Isbank takes over 50% stake in Greeneco to collect Acarsan Makarna’s loan debt

By bne IntelIiNews September 25, 2023

Isbank (ISCTR) has completed the acquisition of a 50% stake in Greeneco Enerji from Acarsan Makarna and members of the Acar family for a consideration of $131mn, the lender said on September 20.

Acarsan Makarna has been granted the right to a repurchase on certain conditions by the end of March 2026.

On September 15, Isbank said that $50mn of the acquisition price would be recorded as a set-off on its loan receivables from pasta maker Acarsan Makarna, a unit of Gaziantep-based Acarsan Holding.

Isbank has become the partner of Istanbul-based Saray Holding, which holds the remaining 50% in the company.

Greeneco Enerji, launched in 2012, operates a 105-MW geothermal plant in Saraykoy town of Denizli province in the Aegean region.

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