📋 Tender Overview
Location:
Türkiye
Project number:
55535
Business sector:
Manufacturing and Services
Notice type:
Private
Environmental category:
B
Approval date:
26 Feb 2025
Status:
Exploratory
English-language PSD published:
20 Jan 2025
Project Description
A senior unsecured loan of up to EUR 50 million, or its equivalent in TRY, in favour of TEB Arval Arac Filo Kiralama A.S. ("TEB Arval", or the "Company") to finance a new fleet of Battery Electric Vehicles (BEVs).
Project Objectives
The loan will finance a new fleet of BEVs in TEB Arval's leasing portfolio (the "Project"). Implementing the Project will accelerate the Company's decarbonization efforts and help TEB Arval mitigate carbon transition risk through CO2 savings. The Project is aligned with the mitigation and adaptation goals of the Paris Agreement considering that the Project meets the substantial contribution under the EU Taxonomy for Climate Action. The Project will also support the Company's continuous improvement initiatives on Diversity and Inclusion via the launch of Unconscious Bias and Inclusive Leadership training program for middle and senior managers. The Project aligns with EBRD's Strategy for Türkiye 2024-2029 as it supports decarbonisation across sectors through direct engagement with private clients.
Transition Impact
ETI score: 60
The expected transition impact of the Project derives from Green quality as the Project will support the green economy transition through the financing of a new fleet of BEVs while enabling CO2 savings.
Client Information
TEB ARVAL VEHICLE FLEET RENTAL JOINT STOCK COMPANY
TEB Arval was incorporated in Türkiye in 2007, as a JV between TEB Holding A.S. and Arval Service Lease SA, each holding 50%. TEB Holding A.S. is a joint venture between BNP Paribas Fortis Yatirimlar A.S., an investment vehicle holding BNP Paribas Group ("BNPP") assets in Türkiye, and Colakoglu Group. The Company offers full-service leasing and mobility solutions to corporate clients, covering operational services such as vehicle procurement, financing, management, maintenance and repair. TEB Arval benefits from the global expertise of Arval Service Lease as well as TEB's extensive branch network in Turkiye.
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) financing structure as EBRD offers local currency financing on terms not readily available in the market, (ii) risk mitigation as the implementation of the Project will accelerate Company's decarbonization efforts and help TEB Arval to mitigate carbon transition risk through CO2 savings and (iii) standard setting as the EBRD's engagement will help the Company to launch of Unconscious Bias and Inclusive Leadership training program for middle and senior managers.
Environmental and Social Summary
Categorised FI (ESP 2019). The Environmental and Social Due Diligence (ESDD) has been
