Project detail - Ak Lease (Ak Finansal Kiralama A.S.)

Ak Lease (Ak Finansal Kiralama A.S.)

Status: Approved investment
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Disclaimer

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

Established in 1988, AK Lease is the #4 leasing company in Turkey with 11% of market share and operates through 10 branches. It is the leasing subsidiary of AK Bank (100%), which is the #3 privately-owned bank in Turkey by assets. AK Lease is an FMO client since 2017.

What is our funding objective?

FMO will act as Mandated Lead arranger and Facility agent for a syndicated senior facility of up to EUR 100M, of which EUR 25M will be provided by FMO. FMO's financing will be 100% used for financing renewable energy / energy efficiency contracts.

Why do we fund this investment?

By providing long term financing to AKLease, we support their strategy towards renewable energy and energy efficiency. Through this facility, AKLease will be able to further develop its green portfolio, and also support job creation and retention of micro and SME clients of AKLease, in line with FMO’s mandate.

What is the Environmental and Social categorization rationale?

The client has a E&S B-risk, in line with all FI's leasing clients. The Project’s activities are deemed to have potential limited adverse environmental and social risks and/or impacts. AK Lease has a functional ESMS based on FMO’s E&S guidance for leasing clients. AK Lease applies the EDFI Exclusion List, which includes coal mining and coal thermal power plants activities.

More investments

Date Total FMO financing
12/4/2020 USD 25.00 MLN
12/19/2017 USD 10.00 MLN
12/19/2017 EUR 32.50 MLN
Website customer/investment
https://www.aklease.com/en/default.aspx
Region
Europe & Central Asia
Country
Türkiye
Sector
Financial Institutions
Publication date
8/10/2022
Effective date
10/24/2022
Total FMO financing
EUR 25.00 MLN
Funding
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)
B