Rönesans Holding Makes History with Turkey’s First Sustainable Eurobond in its Sector
In a groundbreaking move, Rönesans Holding has successfully completed the issuance of sustainable Eurobonds, fueled by Turkey’s first Green Finance Framework in the sector. This landmark achievement marks a significant step toward a more sustainable future, with the proceeds earmarked for impactful social and sustainability projects across the globe. The $350 million Eurobond, issued with the participation of renowned international financial institutions, including IFC, EBRD, and DEG, matures in 2029.
Strong Investor Demand Highlights Growing Appetite for Sustainability
The issuance of sustainable Eurobonds, completed on October 3rd, attracted substantial interest from international investors, with demand exceeding twice the issuance size. This overwhelming response reflects the growing global awareness and commitment to environmentally responsible investments.
Prioritizing Renewable Energy and Social Investments
İpek Ilıcak Kayaalp, Chairwoman of the Board of Directors of Rönesans Holding, highlighted the company’s strength in forging international alliances and securing financing, stating, “We are proud of the participation of multinational financial institutions, especially IFC, EBRD, and DEG, who supported this Eurobond issuance as investors. We extend our gratitude to all the international organizations that participated in our issuance.”
“Within our Sustainable Finance Framework, which is the first in the sector, we have provided detailed explanations on the types of green and social projects for which the proceeds of the sustainable Eurobond will be used, the selection criteria for these projects, and the environmental and social reporting criteria we will follow.”
İpek Ilıcak Kayaalp emphasized Rönesans Holding’s ambitious plans to achieve rapid growth in its renewable energy business, targeting an installed capacity of 2,000 MW from renewable energy plants within the next five years. “We are also planning to invest in areas like healthcare and public infrastructure, and we will use part of the funds from the Eurobond issuance to finance hospital projects that enable better access to quality healthcare. The funds are planned to be invested in social housing projects that the company is developing worldwide, investments in clean transportation, data centers, energy efficiency projects, and infrastructure projects that ensure access to clean water.”
Commitment to Sustainability Leadership
İpek Ilıcak Kayaalp stressed that this sustainable Eurobond issuance clearly demonstrates Rönesans Holding’s dedication to sustainability and its leadership in this field. “We are proud to be the first company in Turkey to issue a sustainable Eurobond in our sector, committing to using all the proceeds from the issuance to finance green and social projects. While we generate 50% of our revenue abroad, we are increasing the approximately €10 billion of investment we have made in our country to date with sustainable projects. Our sustainable financing methods will serve as an important example for our sector, paving the way for the environmental and social dimensions of investments in our country to gain prominence.”
Green Finance Framework: Pioneering Sustainability
In mid-2024, Rönesans Holding became one of the first companies in its sector to publish its Green Finance Framework, which also meets the criteria of the Capital Markets Board of Turkey (SPK) for green debt instruments. With this framework, the company formalizes its goals of increasing accessibility to green financing instruments and expanding support for green and social programs, particularly in the realm of renewable energies.
About Rönesans Group
Rönesans Holding, the leading investment entity of the Ankara-based conglomerate, is the 53rd largest international contracting company globally and one of the largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, including subsidiaries like Ballast Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been operating successfully for 30 years as a main contractor and investor in construction, energy, healthcare, real estate development, and industrial investments.
Placing resilience and growth through innovation at the heart of the company, with a priority on sustainability and social development, Rönesans has developed projects supporting students with scholarships, academic platforms, and initiatives; has been a signatory to the UN Global Compact since 2015; and a signatory to the UN Women’s Empowerment Principles since 2016. Under the leadership of its Chairman, Erman Ilıcak, Rönesans, along with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies, and IFC of the World Bank Group (minority shareholder of the group), has invested over €8 billion in pioneering projects worldwide.
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