Translated version of this PSD: Turkish
The EBRD has approved a USD 55 million loan to Turkiye Is Bankasi A.S. ("Isbank") under the Turkey Mid-Size Sustainable Energy Financing Facility III (MidSEFF III) for on-lending to private sector borrowers for renewable energy (RE) and resource efficiency (ResE) investments. This is the third transaction with Isbank under MidSEFF which builds on Isbank's solid track record in implementation of the sustainable energy financing facilities successfully launched by the EBRD in Turkey. The project can be funded through a range of financing instruments, including but not limited to senior notes issued under the company's existing Diversified Payment Rights programme.
MidSEFF III builds on the success of MidSEFF & MidSEFF II and is aimed at i) increasing financing intermediation for RE and ResE investments to fill these sectors' remaining financing gaps in Turkey, ii) improving the Private Financial Intermediaries (PFIs) skills in technical assessment of a broader set of technologies, and iii) increasing the PFIs' knowledge of relevant EU environmental & social requirements and standards in assessing mid-size RE and ResE investments.
MidSEFF III aims to make a significant transformational impact in three critical areas in addressing climate change challenges in Turkey by (i) accelerating the pace of investments in RE and ResE technologies, supporting a clean energy transition by reducing reliance on fossil fuels in an environmentally sustainable manner, (ii) upgrading from the local environmental standards for sustainable energy projects and aligning those with the EBRD Environmental and Social Policy and Performance Requirements and relevant EU standards, and by (iii) increasing private sector involvement in the development and financing of mid-size sustainable energy investments by applying market-based mechanisms such as carbon markets.
TURKIYE IS BANKASI AS
Isbank is the largest private bank in Turkey by total assets, deposits and loans. As of June 2016, Isbank had total assets of €92.0 billion and capital of €11.0 billion. Isbank has an unparalleled regional branch network among private banks with 1,354 domestic branches and 23 foreign branches. Isbank is currently rated BBB- (negative) by Fitch (August 2016), BB (negative) by Standard and Poor's ("S&P", July 2016) and Ba1 (stable) by Moody's (September 2016).
EBRD Finance Summary
Funding of up to USD 55 million
Total Project Cost
Total funding of up to USD 55 million.
Environmental and Social Summary
Categorised FI. Isbank will be required to comply with the EBRD's Performance Requirements ("PRs") 2, 4 and 9 and submit Annual Environmental and Social Reports to the Bank. Isbank will also be required to ensure that sub-loans under the facilities comply with the requirements of PR9 and submit Annual Environmental and Social Reports to the EBRD. An independent Project Consultant will be in place to ensure that renewable energy and resource efficiency sub-loans comply with the national environmental, health, safety and labour requirements and the EBRD's eligibility criteria for small hydropower projects and wind power projects.
MidSEFF III is supported by a comprehensive TC support programme in the amount of €1.9 million provided by the European Union under the action entitled "Enhancement of the Turkish Energy Sector in line with EU Energy Strategies".
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