Project detail - ODEABANK A.S.


Status: Completed investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Odeabank A.S. is a relatively young innovative mid-sized bank in Turkey. It is a steadily growing bank that is viewed as an ambitious banking pioneer who brings to the market the old concept of commercial and retail banking in a modern efficient way. To support growth of the renewable energy portfolio Odeabank requested for a USD term loan.

What is our funding objective?

The facility is in the form of an IFC-B loan and will be wholly used to finance renewable energy projects of Odeabank, which is a strategic growth area for the bank. The facility also supports raising awareness and demand for renewable energy projects in Turkey. It will help to improve the environment, living standards and quality of life by reducing GHG emissions and other pollutants and dependence on fossil fuel and natural gas imports.

Why do we fund this investment?

This new "green" transaction offers FMO the opportunity to start a relationship with Odeabank in a relatively efficient way whilst fully supporting FMO's ambition of doubling impact and halving our footprint. The funding will be used by Odeabank to invest in renewable energy projects. FMO is additional for Odeabank as they currently lack access to the wider capital market, desire to diversify their funding base and have a shortage of long term funding. FMO's facility will not displace commercial funding. Finally, the financing will have a positive contribution to at least two of the UN Sustainable Development Goals. SGD 7 (affordable and clean energy) and SDG 13 (climate action).

More investments

Date Total FMO financing
12/17/2020 USD 7.50 MLN
12/15/2020 USD 25.00 MLN
7/24/2017 USD 22.50 MLN
Website customer/investment
Europe & Central Asia
Financial Institutions
Effective date
End date
Total FMO financing
USD 35.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)