The Framework is a first of its kind for Rönesans Holding,
designed to direct financial investments towards projects that
promote environmental sustainability. ING acted as a sustainability
advisor in the preparation and publication of the Green Finance
Framework.
ISTANBUL, Sept. 18, 2024 /PRNewswire/ -- To realise the
goal of becoming one of Türkiye's top 3 green energy companies,
Rönesans Enerji has rapidly accelerated its investments alongside
publishing its Green Finance Framework, a pioneering initiative in
the sector that complies with the Capital Markets Board of
Türkiye's criteria for green debt instruments.
Rönesans Enerji, a joint venture between Rönesans Holding and
TotalEnergies, has boosted its investments by leveraging the Green
Finance Framework to gain easier access to green financing
instruments that support renewable energy. The company aims to
achieve approximately 7 to 10 percent of the green energy
investments targeted in Türkiye's National Energy Plan.
The creation and publication of Rönesans Enerji's Green Finance
Framework, which is also the first of its kind for Rönesans Holding
companies, received support from ING, which acted as a
sustainability advisor. The framework is aligned with the Green
Bond Principles of the International Capital Market Association
(ICMA), the Green Loan Principles of the Loan Market Association
(LMA), the Loan Syndications and Trading Association (LSTA), the
Asia Pacific Loan Market Association (APLMA); as well as the
Capital Markets Board of Türkiye's (CMB) guidelines for Green Debt
Instruments, Sustainable Debt Instruments, Green Lease
Certificates, and Sustainable Lease Certificates. This compliance
ensures its applicability in both national and international green
financing instruments. The Rönesans Enerji Green Finance Framework
is among the first frameworks to incorporate the CMB's guidelines
for Green Debt Instruments, Sustainable Debt Instruments, Green
Lease Certificates, and Sustainable Lease Certificates, thereby
contributing to the recognition of the CMB Guidelines.
With its numerous compliance criteria, the Green Finance
Framework stands as one of the most comprehensive frameworks in
Türkiye's energy production sector. In addition to covering general
renewable energy sources such as hydroelectric, wind, and solar
power, the framework also includes other renewable sources like
bioenergy and geothermal, as well as energy storage systems within
its scope. Green hydrogen production and hydrogen storage
technologies have been included in the scope of the Green Finance
Framework as a strategic preparation for the future. This makes the
Green Finance Framework one of the first frameworks in Türkiye to
cover hydrogen technologies. All technologies and criteria of the
Green Finance Framework were evaluated by ISS Corporate Solutions,
which provided a Second Party Opinion (SPO). The Green Finance
Framework received a positive assessment, confirming its
compliance with relevant standards.
EASIER ACCESS TO GREEN FINANCE
The Board of Directors of Rönesans Holding, İpek Ilıcak Kayaalp
stated that Rönesans Enerji has achieved a pioneering milestone in
Türkiye's energy sector with its Green Finance Framework. She
highlighted that this framework is one of the first Green Finance
Framework among the sector, adding: "We are committed to building a
better, more sustainable future. We continue our journey with
determination, aiming to set an example in every sector in which we
operate."
She also noted that one of Rönesans Holding's greatest strengths
is its ability to create foreign partnerships and secure foreign
financing: "We are actively working with 40 different international
banks worldwide to finance our investments under favourable
conditions. To date, we have invested over EUR 8 billion in Türkiye, with more than 90% of
this investment realised in collaboration with these banks. The
first item foreign creditors review is the ESG report, where
Rönesans Enerji secured this report last year. With the Green
Finance Framework we have published, we will gain easier access to
green finance instruments that support renewable energy, furthering
our contribution to Türkiye's sustainable future."
GOAL TO BECOME ONE OF TÜRKİYE'S TOP 3 GREEN ENERGY
COMPANIES
Rönesans Holding Board Member and Energy Group President
Emre Hatem stated that with the
published Green Finance Framework, Rönesans Enerji is confidently
moving towards realising its goal of becoming one of Türkiye's top
three green energy companies. Emre
Hatem said: "Since its establishment, Rönesans Enerji has
only invested in green energy and will continue to grow with a 100%
green energy portfolio in the future. At Rönesans Enerji, we plan
to invest in bringing 2000MW of green energy capacity online by
2028. By bringing our current projects under construction and
development online, we aim to reach an installed capacity of over
700 MW by the end of 2026 in the first phase. Over the next five
years, we aim to achieve approximately 7% to 10% of the green
energy investments targeted in Türkiye's National Energy
Plan."
WE POSITION SUSTAINABILITY AMONG OUR STRATEGIC
PRIORITIES.
Bas Bittink, Head of Türkiye and Middle East Debt Capital
Markets at ING said, 'As we seek to help our clients build a
sustainable future, the ING team was honored partnering up with
Rönesans Enerji. The established Green Finance Framework and Second
Party Opinion have set a new regional best practice and will
support attracting further dedicated financing towards the Turkish
renewable energy sector.'
ING Türkiye Wholesale Banking Executive Vice President Ayşegül
Akay said, 'As ING, we position sustainability among our key
strategic priorities and have been active in this field for more
than 30 years. ING announced end of last year it aims to triple the
financing for renewable energy to EUR 7.5
billion annually by 2025. We believe that green
transformation requires a collective effort and action, and we aim
to contribute to Türkiye's green transformation journey by
leveraging our international expertise in sustainable finance and
our strong global network. In this context, we believe that
Rönesans Enerji's Green Financing Framework, for which ING acted as
a sustainability advisor during its preparation and publication,
can create an important step towards the transformation of the
energy sector in Türkiye and bringing the required financing for
this transformation. We are pleased to take part in this valuable
cooperation that will contribute to the renewable energy
investments of Rönesans Enerji, a partnership of Rönesans Holding
and TotalEnergies, and thus to Türkiye's sustainability
roadmap.'
The Green Finance Framework is a comprehensive set of guidelines
designed to direct financial investments towards projects that
promote environmental sustainability. This framework defines the
necessary criteria and standards for investments to be considered
as 'green'. It aligns with recognised frameworks such as the Green
Bond Principles and the EU Taxonomy for Sustainable Finance. This
framework focuses on specific environmental goals, such as reducing
greenhouse gas emissions, increasing resource efficiency, and
advancing sustainable development. Furthermore, it ensures
transparency and accountability through rigorous reporting and
disclosure requirements, guaranteeing that investments meet green
criteria and provide measurable environmental benefits.
About Rönesans Group
Rönesans Holding, the conglomerate's top investment entity
headquartered in Ankara, is the
53th largest international contracting company globally. With
operations spanning 30 countries across Europe, Central
Asia, and Africa, including
subsidiaries such as Ballast Nedam in the
Netherlands and Heitkamp Industrial Solutions GmbH in
Germany, Rönesans has been
operating as the main contractor and investor successfully for 30
years in construction, energy, healthcare, real estate development
and industrial investments. Putting resilience and growth through
innovation at the core of the company, with a priority on
sustainability and social development, Rönesans has developed
projects supporting students with scholarships, academic platforms
and initiatives; been a signatory of the UN Global Compact since
2015; and a signatory of the UN Women's Empowerment Principles
since 2016.
Under the leadership of its president, Erman Ilıcak, Rönesans,
along with its partners GIC, Meridiam Infrastructure, Sojitz,
Samsung C&T, TotalEnergies, and IFC of the World Bank Group
(minority shareholder in the group), has invested more than
EUR8 billion into pioneering projects
globally.
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