📋 Tender Overview
Location:
Türkiye
Project number:
54889
Business sector:
Agribusiness
Notice type:
Private
Approval date:
11 Dec 2024
Status:
Signed
English-language PSD published:
10 Feb 2025
Project Description
The proposed transaction involves provision of up to EUR 80 million (of which EUR 39 million uncommitted) senior unsecured loan (the "Loan") consisting of: (i) EBRD finance of EUR 71 million and (ii) Clean Technology Fund finance of USD 9.5 million. The Loan will be used to finance the Company's 2024/25 capex programme.
Project Objectives
The proposed transaction will enable the Borrower to finance its capex programme in Türkiye, including: i) renewable energy investments in solar power and wind power plants, in addition to general maintenance and expansion capex across existing flour production facilities (the "Project"). The loan will also be accompanied by concessional loan from Clean Technology Fund ("CTF") of up to USD 9.5M.
Transition Impact
ETI score: 64
ETI score: 64
The project contributes to the Green and Well Governed qualities.
The Company will commit to sustainability improvements through installing 38.81 MW renewables energy capacity in Türkiye, with the GET component amounting to EUR 40m. Key metrics for the Company will be reduction in scope 1 and scope 2 emissions during the life of the loan. On governance The Company will work on (i) climate-related risks and opportunities (ii) identifying relevant mitigation measures in terms of corporate climate governance, supply chain management. (iii) The development of a comprehensive climate change strategy and associated disclosures aligned with TNFD.
Client Information
CONFIDENTIAL
Ulusoy Un, is an EBRD existing client since 2016, was established in 1989 in Samsun, a city in the Turkish Black Sea region. Ulusoy Un's core business includes domestic and international sales of wheat, flour, bran, and other feed raw materials. Listed on the Istanbul Stock Exchange ("BIST") since 2014, the Ulusoy Family holds 65.84% of the Company's shares, while 34.02% are held as free-float, and non-family management possess 0.14% of shares.
EBRD Finance Summary
EUR 71,000,000.00
Total Project Cost
EUR 80,141,033.08
Additionality
Provision of a longer-tenor loan (up to 7-years) with a tailored repayment profile (financing structure). The EBRD is able to provide long-term financing to support the Company's long-term growth plans, filling a gap currently not easily met by domestic lenders, which facilitates long-term planning and growth. As required under the CTF High Impact Programme, the Company will commit to improve its CCG reporting practices. Through this Project, providing concessional finance is critical in facilitating the Company's climate agenda and supporting Ulusoy to establish itself as a pioneer on climate action in the Turkish food production sector (Standard setting).
Environmental and Social Summary
Categorised B (ESP 2019). Uluso
