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Turkey: financing green leasing projects
Project
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Signature date
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Location
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Turkey
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Financing tool
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Financing amount (Euro)
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30940594
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Financing details
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USD 35m loan
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Customer
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Ak Finansal Kiralama A.S.
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Type of customer
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Financial institution
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Country of headquarters
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Turkey
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Project number
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PTR1074
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Environmental and social ranking
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IF-A
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Climate co-benefits
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Project with climate co-benefits
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco is supporting Aklease via a loan to finance green leasing projects (renewable energies and energy efficiency) in Turkey.
Client presentation
Aklease is a leasing company set up in 1988 which operates in Turkey. It has been a partner of Proparco since 2007. The institution is implementing an ambitious strategy to move towards sustainable development financing. This involves developing the ECOLease product, which targets projects for renewable energy and energy efficiency/resources (water, waste, etc.). Aklease’s objective is for this product to account for 60% of its portfolio by 2025 and 100% by 2030.
Project description
The project involves a senior credit line allocated to Aklease to finance the development of its green leasing activity (renewable energies and energy efficiency).
Project impact
This 100% climate operation is supporting Aklease’s increased ambitions for sustainable finance, while Turkey recently joined the Paris Agreement on 6 October 2021. This ratification should generate an increase in investments for climate change mitigation and adaptation. This project is part of this growth. The operation should also support 11,000 jobs over the next 5 years in the companies that will benefit from this financing.