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Istanbul, Turkey, July 30, 2015—
IFC, a member of the World Bank Group, is providing US$75 million in long-term financing package to Trakya Cam, Turkey's leading flat glass manufacturer, and its subsidiary, Trakya Glass Bulgaria EAD, to boost its energy efficiency investments and help mitigate climate change.
IFC will lend US$40 million to the companies for its own account and mobilize US$20 million from its Managed Co-Lending Portfolio Program (MCPP), which offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio, and arrange US$15 million syndicated loan facility.
The project will help Trakya Cam revamp furnaces and waste heat recovery in its plants in Mersin and Polatli in Turkey, and in Trakya Bulgaria, which are expected to save up to US$11.2 million per year in direct energy and cut greenhouse gas emissions by over 60,000 tons. The Mersin and Bulgaria plants are expected to reduce their energy bills by around 15 percent as a result of the project.
“This project is an opportunity to enhance our long-term partnership with a strategic client in Turkey and help boost regional energy efficiency investments that can have a direct impact on climate change,” said Carsten Mueller, IFC Regional Industry Head of Manufacturing, Agribusiness and Services in the Europe, Middle East and North Africa region.
IFC has a long-standing relationship with Trakya’s parent company, the Sisecam Group, spanning over 40 years. At present, IFC holds equity in the group, and has outstanding loans to several Sisecam glass and chemicals companies in Turkey, Bulgaria, Georgia and Bosnia Herzegovina.
IFC has been supporting private sector development in Turkey for the past 50 years. With a $4.3 billion outstanding portfolio, Turkey is the second largest country in IFC’s global portfolio. In line with the Turkey 2012-2016 Country Partnership Strategy, IFC has invested a record $2.8 billion in private sector projects in the country.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org/Turkey
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About Trakya Cam A.S.
Trakya Cam Sanayii A.S. consists of 17 affiliated companies, 3 joint managing companies and 3 joint ventures. The company was founded
in 1978 and started production in 1981. Trakya Cam Sanayii A.S., which is an affiliated company of Turkiye SiSe ve Cam Fab
rikaları A.S
. group, produces basic glass (flat glass, patterned glass, mirror, laminated glass, coated glass), Automotive glass, encapsulated glass and glasses for other transportation vehicles, solar glasses, home appliance glass, and provides input for construction, automotive, energy, furniture, home appliances and agriculture sectors. For more information, visit
www.trakyacam.com.tr
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