Vestel Electronics R&D



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

23 Jul 2014



PSD disclosed:

23 Jul 2014

Translated version of this PSD: Turkish

Project Description

The EBRD is considering €50 million long-term loan to Vestel Elektronik Sanayi ve Ticaret A.Ş. (“Vestel”), one of the leading consumer electronics and white goods manufacturers in Europe, to finance research and development activities to be conducted over the 2014-2015 period.

Transition Impact

The project represents a good opportunity for the Bank to achieve a strong transition impact in Turkey, particularly through (i) the demonstration of replicable behaviour and activities by changing the company’s focus in R&D from adaptation of new technologies to conducting research in new technologies; and (ii) the transfer and dispersion of skills by strengthening linkages with local academic institutions.

The Client

Vestel, a joint stock company registered in Turkey, is one of the leading consumer electronics and white goods producers in Europe. Zorlu Holding owns a 78 per cent controlling stake in Vestel, while the remaining 22 per cent is free floating on the Borsa Istanbul.

EBRD Finance

€50 million long-term loan.

Project Cost

€110 million.

Environmental Impact

The project has been categorised B in accordance with 2008 Environmental and Social Policy.

The project concerns investments in Research, Development and Innovation (RDI) activities that will be carried out in existing facilities already used for similar activities and would therefore not require an EIA according the Directive 2011/92/EU if located in the EU.

The application of the results of the project is expected to bring about improvements in the energy efficiency of the end-product, with the aim to achieve state-of-the-art energy classification.

Environmental & Social risks associated with the existing facilities located within an industrial zone in the city of Manisa, Turkey are likely to be site specific and managed through mitigation measures.

The Environmental and Social Due Diligence (ESDD) of the project has commenced and is being carried out in house by EBRD. ESDD is focused on Vestel’s EHS management capacity, existing EHS systems and practices at Vestel's manufacturing facilities.

Technical Cooperation


Company Contact

Mr. Baris Gokalp (Head of Finance)
Tel: +90 (236) 233 01 31


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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

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