MWH-led Consortium Wins €5.8 Million Energy Finance Project in Turkey

Milan, Italy, July 14, 2010 – A consortium led by MWH has been awarded a major contract by the European Bank for Reconstruction and Development (EBRD) to launch and operate a $200 million credit line for energy efficient investments in Turkey entitled TurSEFF (Turkey Sustainable Energy Financing Facility).

The contract win is a significant endorsement for MWH and its partners who have a strong track record of effective working with the EBRD on similar projects in Eastern Europe.

Eugenio Ferro, Director of MWH Europe-Africa’s Energy Sector, said: “This project win demonstrates the trust we have gained during six years of successful collaboration with the EBRD. We are experts in the Energy Sector and have a strong track record of successful project implementation in the private and public sector in Turkey.”

Wim Drossaert, MWH Europe-Africa President, said: “This is a very exciting project win that affirms our position as a trusted provider of diversified consultancy services and a key player in the energy market in Europe.”

MWH is the leader of the winning consortium which also includes D’Appolonia (Italy), GFA ENVEST (Germany) and the Frankfurt School of Finance & Management (Germany). Between them the consortium members include a pool of leading specialists with expertise in marketing and implementing energy efficiency projects, successfully launching SEFF credit lines and with deep knowledge and working experience in Turkey.

MWH has had its own consulting engineering company in Turkey since 1999, giving the company a unique advantage of international expertise and in-depth understanding of the Turkish legislative and commercial environment. In addition, MWH has been working with the EBRD since 1997 and has successfully delivered energy and environmental consultancy services in countries across Eastern Europe.

D’Appolonia S.p.A. is a major Italian consulting engineering firm operating worldwide, but with offices in Turkey. GFA ENVEST is a subsidiary of GFA Consulting Group, a worldwide consulting company in the overseas development assistance sector. Frankfurt School of Finance & Management is Germany’s leading private business school and advisory institute which is directed by leading German banks and has implemented more than 300 development finance projects in more than 50 countries since 1992.

Investing in sustainable energy is a high priority for the EBRD and promoting energy efficiency across economic sectors in Turkey is a key focus in its initial phase of operation there.

The Turkish economy is considered energy intensive and its Government is focused on the promotion of sustainable energy investments, in particular the development of renewable energy resources. The emphasis is on tackling three key challenges – cutting down on CO2 emissions, achieving security of energy supply and reducing the cost of importing energy, 75 per cent of which has to be bought from abroad.

The MWH-led consortium’s role will include helping prospective borrowers identify the best solution for their investment needs and preparing loan applications. The TurSEFF team is grant-funded by the Clean Technology Fund and the European Commission in collaboration with the Turkish Treasury.

As Project Consultant the consortium will assist with the design, launch and successful operation of the SEFF facility and will be responsible for marketing the facility, defining technical eligibility criteria and appraising sub-projects against a set of criteria.

As Ex-Post Monitoring Consultant the consortium will ensure that the objectives of the TurSEFF are met by checking and confirming projects have been successfully completed and are on track to meet the planned energy savings.

The MWH-led consortium believes that the concept of TurSEFF will fall on very fertile ground in Turkey, but much will need to be done both in the provision of value-added support to potential investors in Energy Efficiency as well as in supporting Government regulation.