Istanbul, Turkey, June 29, 2009–IFC,
a member of the World Bank Group, is providing $70 million in a new round
of investment for longtime partner Sisecam Group of Turkey to support projects
to enhance low iron energy glass investment, environmental improvement
and energy efficiency upgrades at the company’s glass manufacturing
facilities in Turkey and Bulgaria.
This financing will enable new investments
in the rapidly growing solar glass market. The company anticipates that
growth rates in this segment will double over the next five years, due
to rising demand from countries committed to reducing carbon emissions
by replacing fossil fuel use with renewable energy.
The energy efficiency upgrades resulting
from IFC’s $58 million in financing for Turkey-based Trakya Cam and $12
million for Bulgaria-based Trakya Glass are expected to decrease energy
consumption, thereby generating significant cost savings.
“IFC is pleased to support Sisecam,
a long-standing client, with energy efficiency and environmental improvement
investments, especially at a time when long termfinancing is difficult
due to current economic conditions,” said Shahbaz Mavaddat, IFC Director
for Southern Europe and Central Asia. “The new investments will allow
Sisecam to emerge as a more competitive player in regional markets, while
reducing the emissions and environmental footprint of the company.”
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
About Sisecam and Trakya
Created in 1935 by İşbank, one of
Turkey’s leading commercial banks, Sisecam controls 48 affiliate or subsidiary
companies organized in four main business divisions- flat glass, glass
tableware, glass packaging, and chemicals- and employs 17,290 people. Trakya,
a subsidiary of Sisecam, operates seven float lines, six in Turkey and
one in Bulgaria with a production capacity of 1.5 million tons of glass
per year. For more information, visit www.sisecam.com.