Aklease, the leasing subsidiary of Akbank, has signed a US$110mn multi-tranche, multi-currency syndicated loan facility. The credit line has been arranged by FMO, the European Bank for Reconstruction and Development (EBRD), the Green for Growth Fund (GGF) and the Opec Fund for International Development (Ofid). Other participants are undisclosed institutional investors through the Dutch development bank’s syndications platform.
The proceeds of the loan will be used to support renewable energy and energy efficiency projects, SMEs and international trade finance projects in the country.
According to Aklease general manager, Şenol Altundaş, the deal is the first five-year market syndicated loan for the Turkish leasing sector.
“We have already financed to date almost 120MW of solar energy and 60MW of wind energy system investments; and [with] this new source we will continue to finance renewable energy, and energy efficiency investments that are currently in our pipeline; as well as continue to support foreign trade by the tranche to be used in financing imports,” Altundaş says.
Arvid Tuerkner, EBRD managing director of Turkey, adds: “We are excited for Aklease to become our first leasing partner to support resource efficiency in Turkey. Leasing is an attractive and valuable alternative to traditional bank financing. Better access to lease funding will encourage entrepreneurial activity, which in turn will support the country’s transition to a greener economy.”