Turkcell (NYSE:TKC) (BIST:TCELL) and ING European Financial Services plc have signed a ´Green Loan´ agreement of 50 million Euros with a 5-year term, the companies said.
The transaction marks the longest average-maturity corporate finance deal in green loan format in Turkey. Turkcell, last year, had incorporated its sustainability approach into its financing activities with a 3-year term Sustainability Linked Loan of 50 million Euros. Likewise, ING was among the first six banks in Turkey to sign Principles for Responsible Banking thanks to its end-to-end sustainability approach.
As part of the agreement, Turkcell will utilize the loan facility to finance its sustainable investments – such as renewable energy, energy efficiency, green digital services and green buildings – under the internationally recognized Green Loan Principles. The loan will be repaid at one go at the end of the 5-year term.