Şişecam Receives 435 Million Euro Support from IFC: New Investments on the Way

IFC's 100% Renewable Energy Investment in Şişecam

International Finance Corporation (IFC) has provided a critical financing of 435 million euros for Şişecam, which will assist in the modernization of production facilities, financing a new flat glass and solar energy glass plant in Tarsus, and strengthening working capital.

Flat Glass and Solar Energy Glass Production is Growing

This financing will support Şişecam’s goal of expanding flat glass and solar energy glass production in the Tarsus and Mersin regions. Notably, the solar energy glass developed with an innovative raw material composition stands out in parallel with efforts for environmental sustainability. This investment aims to contribute to the development of renewable energy solutions while also increasing energy efficiency.

Steps for Şişecam's ESG Performance

This investment focuses on strengthening performance in environmental, social, and governance (ESG) areas. The implementation includes efforts to reduce environmental impact with targets such as increasing female representation, ensuring inclusivity, and enhancing water efficiency.

"Our Collaboration with IFC Continues"

Şişecam General Manager Can Yücel made the following statements regarding the investments: “We will continue to support our investments without compromising financial discipline, and I believe that this agreement signed with IFC demonstrates the confidence of international financial institutions in Şişecam. We are making steady progress towards our long-term value creation goals.”

Support from Banks Worldwide

Leading international banks such as Industrial and Commercial Bank of China, Emirates NBD Bank, BNP Paribas, HSBC, Bank of Bahrain and Kuwait, ILX, and Standard Chartered also participated in the financing package.

Strengthening with New Eurobond Issues

IFC also acted as a anchor investor in the 500 million dollars new Eurobond issue of Şişecam UK Plc with a seven-year maturity. This support will contribute to strengthening working capital by aiding the refinancing of 1.5 billion dollars worth of Eurobond issues planned for 2024.