GarantiBank II - MidSEFF

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 47069

Status Signed

Location

Türkiye

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 47069

Status Signed

Location

Türkiye

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

26 Nov 2014

Disclosure date

13 Oct 2014

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Translated version of this PSD: Turkish

Project Description

The EBRD is considering a transaction consisting of up to EUR 100 million financing to GarantiBank.

The project is to provide long-term financing to GarantiBank for on-lending to private sector borrowers for mid-size renewable energy (RE), waste-to-energy (WtE) and industrial energy efficiency (EE) investments.

The Facility is a Sub-project under mid-size energy efficiency, renewable energy and waste-to-energy investments (MidSEFF). MidSEFF is a framework which initially included EUR 300 million senior loans/DPR investments and EUR 100 million of EBRD direct risk participation in select sub-projects. An extension consisting of EUR 225 million of senior loans / DPR investments and EUR 75 million direct risk participation in select sub-projects was approved in September 2011. In addition to this, the project is supported by a comprehensive TC package provided for the benefit of the sub-borrowers.

Transition Impact

The project generates transition impact by promoting the acceleration and scale-up of sustainable energy investments, including diversification of renewable energy technologies in Turkey.

The project will further increase financial intermediation for energy investments and fill the current gap in sustainable energy financing mechanisms in Turkey. Fostering rational energy utilisation and the acceleration and expansion of investments in renewable energy sources in Turkey will support a clean energy transition, by reducing reliance on fossil fuels and focusing on meeting energy needs in an environmentally sustainable manner.

The Client

Garantibank is the third-largest bank in Turkey and the second-largest privately-owned bank. It is a universal bank and serves 11 million customers in the corporate, commercial, SME and consumer segments, offering fully integrated financial services through 984 domestic branches. Garantibank’s two main shareholders are BBVA (25.01% ownership) and Dogus Holding (24.23% ownership).

EBRD Finance

Up to EUR 100 million through the investment in the existing DPR programme of GarantiBank or on a senior unsecured loan basis.

Project Cost

Up to EUR 150 million.

Environmental Impact

Categorised FI: Garantibank is required to implement EBRD’s Performance Requirements 2 & 9 and adhere to the EBRD's Environmental and Social Exclusion and Referral Lists and submit Annual Environmental and Social Reports to the EBRD. An independent Project Consultant is in place to ensure that sub-loans comply with the national environmental, health and safety legislation requirements and the EBRD's eligibility criteria for hydropower and wind power projects.

Technical Cooperation

The Facility is currently supported by a comprehensive technical assistance programme to provide implementation support to participating banks and project sponsors. Funding for the TC programme is provided under the current EC IPA 2009 funding allocation to EBRD EE (TurSEFF and MidSEFF) operations.

The role of the Project Consultant (PC) under MidSEFF is to provide implementation support to sub-borrowers with respect to the technical, financial and environmental screening of sub-projects against the eligibility criteria set out in the Policy Statement and provide advice on the best available technologies (BATs). The PC team also provides assistance in establishing an efficient environmental and social management system to manage environmental and social risks and impacts associated to Sub-project activities;
In addition to the PC’s role to support the preparation and appraisal of sub-projects for MidSEFF, a separate Carbon Finance Consultant financed out of the EBRD Shareholders Special Fund has been appointed.

Company Contact

Oksana Pak
E-mail: pako@ebrd.com

Transition impact

ETI Score:60

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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