Uludag Icecek



Project number:


Business sector:


Notice type:


Approval date:

11 Jan 2023



PSD disclosed:

07 Dec 2022

Project Description

The provision of USD 20 million (EUR 20 million) long-term senior loan (the "Loan") to a soft drinks producer incorporated in Turkiye, Uludag Icecek Turk A.S.

Project Objectives

The Bank's financing will be used to finance (i) new warehouse for its Yenice plant, (ii) a wastewater recovery facility for its Caybasi factory, and (iii) solar panel investments for both factories.

Transition Impact

ETI score: 68

Primary Quality: Green

The proceeds of the Bank's investment will be used to finance a wastewater recovery facility for its Caybasi factory and solar panel investments for both factories, resulting benefits on both climate dimensions: a climate mitigation impact flows from the reduction of the Uludag's carbon emissions, and a climate adaptation impact is achieved through reducing the Uludag's water consumption. 

Secondary Quality: Inclusive

Under the project scope, the Company will commit to revise its gender equality policies and practices through the introduction of an Equal Opportunities Action Plan (EOAP) and commit to a significant increase of the female workforce, including in managerial positions. 

Client Information


Uludag Icecek Turk A.S. (the "Borrower", the "Company", or "Uludag"), a limited liability company incorporated in the Republic of Turkiye. 

EBRD Finance Summary

USD 20,000,000.00

Total Project Cost

USD 20,000,000.00


The EBRD offers a long term financing tailor-made to the Company's capex plan. The Bank will support client to achieve (i) higher energy and resource efficiency standards by committing the systematic monitoring, reporting and verification of climate mitigation and climate adaption benefits, leveraging the Bank's know-how in the area of MRV, and (ii) higher gender standards with introduction of Equal Opportunities Action Plan (EOAP) by externally-verified institution in Turkiye, supporting women with gender-responsive recruitment, progression, and training. 

Environmental and Social Summary

Categorised B (ESP 2019).  Uludag is a current client and performance to date has been satisfactory in the context of existing projects. Environmental and social due diligence (ESDD) on previous projects was undertaken by ESD and identified a number of areas where improvement was required, particularly in terms of the adoption of more formalised E&S management systems. In response (and as part of the agreed the ESAP), the Company created a fully integrated quality management system, incorporating ISO 14001 and OHSAS 18001. While neither of the production facilities are a source of nuisance to local communities and no complaints on Company activities have been received to date, the Company agreed to further develop its stakeholder engagement processes and a revised stakeholder engagement plan was developed. The new project with the Company includes elements which are either largely benign or indeed positive, from an E&S perspective. The new warehouse will be constructed on an existing production site and therefore no land take is required.  The waste water plant is aimed at recycling the large percentage (up to 85%) of waste water produced by the Caybasi production facility, including treatment of re-cycled waters back to drinking water standards. Finally, the Company has provided information on the solar panels and other components to be installed as part of the solar power component.  The total capacity to be financed by the Bank is less than 5MW and information provided confirms that the solar panels will be procured from a company listed on the Green Technology Selector.  Land based panels will be installed on sites already owned and operated by the Company.  Other components besides the solar panels, such as invertors, will be provided by a supplier which does not have production facilities within the regions associated with forced labour and any components coming from China are not coming from those regions. Given the above, and given the previous execution of the agreed ESAP, no additional actions are required of the Company.  The Bank will continue to monitor the activities of Uludag via annual E&S reporting provided by the Company.

Technical Cooperation and Grant Financing


Company Contact Information

Nizamettin Gurhan Tutlu
+90 224 738 16 00
Doganevler Mah. 3. Pazar Sk. No:115 Osmangazi/Bursa, Turkiye

PSD last updated

07 Dec 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP 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 following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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