Project detail - BORUSAN ENBW ENERJI YATIRIMLARI VE

BORUSAN ENBW ENERJI YATIRIMLARI VE

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Who is our client

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").

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 we fund this project

The funding contributes to the Company?s further expansion of renewable energy assets in the country, accelerating Turkey's sustainable energy transition.

Environmental and social 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.

Website client
https://www.borusanenbw.com.tr/
Region
Europe & Central Asia
Country
Turkey
Sector
Energy
Signing date
1/19/2022
Total FMO financing
USD 40.00 MLN
Fund
FMO
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)
B+