Sisecam Resource Efficiency

Location:

Turkey

Project number:

45646

Business sector:

Manufacturing and Services

Notice type:

Private

Target board date:

28 May 2014

Status:

Repaying

PSD disclosed:

17 Apr 2014

Translated version of this PSD: Turkish

Project Description

The EBRD is considering €30 million long-term loan to Turkiye Sise ve Cam Fabrikaları A.S. (“Sisecam”), the leading glass producer in Turkey, to finance the energy efficiency investments and glass recycling project in Turkey.

Transition Impact

The Project represents a good opportunity for the Bank to achieve a strong transition impact in Turkey, particularly through establishing the necessary framework to accelerate glass recycling in Turkey, setting standards for energy efficiency and better environmental performance.

The Client

Sisecam, which is incorporated in Turkey and operates in 13 countries, is one of the largest glass producers in the world. The Company is active in all key areas of glassmaking (i.e. flat glass, glassware and glass packaging) as well as production of glass chemicals such as soda ash and chromium products. Turkiye Is Bankası A.S. (“Isbank”) owns 72 per cent controlling stake in Sisecam, while the remaining 28 per cent is free floating on the Borsa Istanbul.

EBRD Finance

€30 million long-term loan.

Project Cost

€30 million (€21 million energy efficiency, €9 million glass recycling).

Environmental Impact

Category B. Environmental and social issues associated with energy efficiency measures at existing glass packaging plants can be readily assessed and mitigated as part of an Environmental and Social Due Diligence (ESDD). The Bank has worked with the Company in the past and the Company has the institutional capacity to implement the Bank's Performance Requirements. The current ESDD will review the Projects being financed by the Bank as well as overall corporate management. Based on the ESDD an Environmental and Social Action Plan (ESAP) will be developed and agree with the Company.

The PSD will be updated based on the ESDD.

Technical Cooperation

€250,000 grant was provided by the Government of Spain through the ICEX funds to finance the glass recycling pilot project in Turkey. Additionally, the energy audits were supported by the Government of Spain via the TCSEP (Turkey and the Caucasus Sustainable Energy Programme).

Company Contact

Mrs. Basak Oge (Corporate Finance and Investor Relations Manager)
Tel: +90 (212) 350 50 50
E-mail: boge@sisecam.com
Website: http://www.sisecam.com

 

Business opportunities

For business opportunities or procurement, contact the client company.

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