BORUSAN ENBW ENERJI YATIRIMLARI VEStatus: Approved investment
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Who is our customer
Borusan EnBW Enerji Yatirimlari ve Uretim A.S. (the "Company") is a renewable energy venture company who owns and operates renewable energy assets in Turkey. The overall portfolio has an existing installed capacity of >720MW. The company is 50/50 owned by the Turkish conglomerate Borusan Holding A.S. ("Borusan Holding") and the German utility EnBW AG ("EnBW").
What is our funding objective?
FMO participates in this facility as a B-lender with EBRD in the lead. The Loan will be used to replace a portion of Borusan EnBW Enerji's maturing short-term facilities and enable the Company to realize the planned additional renewable capacity in its pipeline.
Why do we fund this investment?
The funding contributes to the Company?s further expansion of renewable energy assets in the country, accelerating Turkey's sustainable energy transition.
What is the Environmental and Social categorization rationale?
We have categorized this transaction E&S B+, as these are operational companies which conduct the production of (fully renewable) electric power with relatively limited environmental and social impacts. IFC Performance Standards (PS) 1-4, 6 and 8 are triggered. An adequate environmental and social management system is in place. PS 5 is not triggered, as there is no involuntary resettlement. PS 7 is not triggered as the project is not impacting any Indigenous Peoples.
|Date||Total FMO financing|
|4/25/2023||USD 80.00 MLN|
- Website customer/investment
- Europe & Central Asia
- Publication date
- Effective date
- Total FMO financing
- USD 40.00 MLN
- FMO NV
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)