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
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.
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
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 Fabrikaları
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