Long-term financing package is being provided to Trakya Cam Sanayii AŞ, Turkey’s flat glass and solar glass manufacturer, and its subsidiary Trakya Glass Bulgaria EAD, International Finance Corporation said.
The aim of the USD 75 million (EUR 67.9 million) investment of the World Bank Group’s member is to boost energy efficiency and help mitigate climate change, the press release said. IFC will lend EUR 36.22 million to the companies for its own account, mobilize EUR 18.11 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 a syndicated loan facility of EUR 13.58 million.
The project will help Trakya Cam revamp furnaces and waste heat recovery in its plants in Mersin and Polatlı in Turkey, and in Trakya Bulgaria, which are expected to save up to EUR 10.14 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% as a result of the project.
IFC has a long-standing relationship with Trakya’s parent company, the Şişecam Group, spanning over 40 years. At present, IFC holds equity in the group, and has outstanding loans to several Şişecam glass and chemicals companies in Turkey, Bulgaria, Georgia and Bosnia and Herzegovina, the press release said.
