Translated version of this PSD: Turkish
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.
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.
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).
Up to EUR 100 million through the investment in the existing DPR programme of GarantiBank or on a senior unsecured loan basis.
Up to EUR 150 million.
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.
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.
For business opportunities or procurement, contact the client company.
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Tel: +44 20 7338 7168
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