📋 Tender Overview
Türkiye
Project number:
55595
Business sector:
Financial institutions
Notice type:
Private
Environmental category:
BE
Approval date:
06 Nov 2024
Status:
Approved
English-language PSD published:
04 Dec 2024
As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.
Project Description
A senior unsecured loan of up to EUR 50 million in favour of Ak Finansal Kiralama A.S. ("Aklease") in two equal tranches, with the second tranche being uncommitted, for on-lending to sub-borrowers implementing green economy investments including, among others, energy efficiency, renewable energy and climate resilience measures under the Turkiye Green Economy Financing Facility II ("GEFF II" or the "Framework", BSD21-156- ADD (12)).
Project Objectives
Aklease will use the proceeds of the Bank`s investment to provide lease financing to sub-borrowers implementing green economy investments, in a gender responsive way, in line with the GEFF II Framework's technical eligibility criteria as defined in the Policy Statement, forming an integral part of the financing agreements. Funds may also be on-lent to vendors and producers of eligible technologies covered by the Green Technology Selector for Turkiye. In addition, Aklease may finance eligible sub-borrowers that are certified according to recognized sustainability certification systems.
Transition Impact
ETI score: 70
Transition impact is expected to derive from the Green quality under Türkiye GEFF II.
Green: The Framework and the proposed transaction will promote the transition to environmentally sustainable, low-carbon and climate-resilient economy in Türkiye.
Client Information
AK FINANCIAL RENTAL INC.
AkLease is one of the largest leasing companies operating in Türkiye in terms of net leasing receivables. The Company is a fully-owned subsidiary of Akbank T.A.S., a joint stock company incorporated in Türkiye, which is 49% owned by Sabanci Holding with the rest of the shares being publicly traded.
EBRD Finance Summary
EUR 50,000,000.00
Total Project Cost
EUR 50,000,000.00
Additionality
Key sources of additionality under the project are:
(i) Risk mitigation (EBRD helps the client to mitigate carbon transition risks and take climate action, such as to move along a low carbon transition pathway)
(ii) Financing Structure (EBRD offers a tenor, which is longer than available to the client in the market on reasonable terms and conditions)
(iii) Financing Structure: Innovative financing structures and/or instruments (EBRD offers an innovative green finance instrument that integrates aspects such as climate and environmental, social and governance (ESG) standards and/or climate and ESG risk considerations into the financing structure).
(iv) Standard-setting: helping projects and clients achieve higher standards (Gender SMART:
