IFC helps glass maker save energy in Turkey, Bulgaria


July 30, 2015





July 30, 2015




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.


Related Articles


Fossil fuels returned as top energy source in EU power generation in 2021

01 July 2022 - Among renewable sources, the biggest increase in 2021 was seen in electricity produced from solar energy, 13%,

Floating wind farm project unites fishermen, investors in Ireland

01 July 2022 - A joint 2 GW floating wind farm project is the first cooperation in the world between the two opposing sectors.

Voltalia breaks ground Albania biggest solar park Western Balkans Karavasta

Voltalia breaks ground in Albania for biggest solar park in Western Balkans

01 July 2022 - The site for the Karavasta solar park spans 196 hectares in Fier county in Albania's west. The planned capacity is 140 MW.


Serbia’s power utility EPS posts Q1 net loss of EUR 254 million

30 June 2022 - The state-owned power utility is blaming the poor result on a drop in output, electricity imports, and capped prices for end-consumers