IFC provides financing package to Şişecam

From right to left: Can Yücel, Şişecam CEO, and Ashruf Megahed, IFC Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia. (Image: AA Photo)

The International Finance Corporation (IFC) has provided a financing package to Şişecam to support the growth of solar glass manufacturing in Türkiye.

The investment will help Şişecam upgrade its production facilities, refinance existing debt used to finance its glass plant in Tarsus, and strengthen working capital.

A key focus of the financing is the growth of flat and solar glass manufacturing in Tarsus and Mersin, Türkiye.

This includes solar glass that uses a unique raw material mix to enhance efficiency in solar energy applications.

This 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.

As an incentive-based loan, Şişecam will work toward key performance indicators tied to increasing the representation of women in management, fostering diversity and inclusion, and reducing environmental impact through improved water efficiency.

Şişecam CEO Can Yücel said: “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 favourable maturities.

“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.”

Since 1970, IFC’s partnership has helped drive Şişecam’s expansion, supporting job creation, exports, and sustainability in Türkiye and beyond.

Website: HomePage