The International Finance Corporation (IFC), a member of the World Bank Group, said on Tuesday it provided a financing package to Türkiye glass and chemicals producer Şişecam, worth 435 million euros (around $510 million), to support its innovation and sustainability goals.
"The investment will help Şişecam upgrade production facilities, refinance existing debt used to finance the new float and solar glass plant in Tarsus and strengthen working capital," the institution said in a press release.
Explaining that a key focus of the financing is the growth of flat and solar glass manufacturing in Tarsus and Mersin, which includes innovative solar glass that utilizes a unique raw-material mix to enhance efficiency in solar energy applications, the IFC said that the initiative "contributes to the growth of renewable energy solutions and meets increased demand for solar glass, while also increasing the energy efficiency of existing plant operations."
The investment is also aimed at strengthening environmental, social and governance performance, it added.
“In line with our sustainable growth vision, we continue to support our investments with a strong and well-balanced financing structure. In the upcoming period, while maintaining our focus on financial discipline, we are entering a phase in which we are beginning to see the results of the actions we have taken to spread the investment-related debt over the most favorable maturities,” said Can Yücel, Şişecam’s CEO.
“This agreement with IFC is not only a sign of the confidence that international financial institutions place in Şişecam, but also an important component of our strategy to strengthen our financial structure. We will continue to move forward in line with our long-term value creation goals by sustainably supporting our investments in Türkiye.”
“This landmark financing package reflects over half a century of IFC’s partnership with Şişecam, supporting expansion, job creation and innovation in the global glass and chemicals industries,” said Ashruf Megahed, IFC Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia.
The 435 million euro financing package was arranged by IFC, with participation by a consortium of leading international banks, including Industrial and Commercial Bank of China, Emirates NBD Bank, BNP Paribas, HSBC, Bank of Bahrain and Kuwait, ILX and Standard Chartered, the IFC said.
"In addition to the financing package, and to support Şişecam’s continued financial resilience, IFC also acted as anchor investor in Sisecam UK PlC’s new seven-year, $500 million Eurobond issuance," it added.
Şişecam was founded by lender Iş Bank in 1935 to contribute to the industrial development of the young Republic of Türkiye. Over the decades, it has grown from a local initiative into a global player in glass and chemicals. As the only global company operating in all core areas of glass production, Şişecam ranks among the top five producers in its sector.
