Active Mixed AidData Chinese Aid

Bank of China provides EUR 30 million loan to Turkcell to finance its solar power plant investments

€30M EUR

Funder	Bank of China (BOC)
Recipient Organization	Turkcell İletişim Hizmetleri A.Ş. (Turkcell)
Country	Turkey
Start Date	Aug 11, 2023
End Date	Jan 21, 2030
Duration	2,355 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`102823`

Grant Description

Bank of China provides EUR 30 million loan to Turkcell to finance its solar power plant investments On August 11, 2023, Bank of China signed an EUR 300 million loan agreement with Turkcell İletişim Hizmetleri A.Ş. (“Turkcell”) — the largest (private) mobile phone operator in Turkey — to finance its solar power plant investments.

Turkcell aims to draw 65% of its electricity needs from renewable sources by 2026. It plans to reach 100% by 2030 and become net carbon neutral by 2050.

📋 Loan / Grant Terms

💰 Loan Amountcarries a 5-year maturity

📅 Maturity5 years

⏳ Grace Period1 year

As of September 30, 2023, Turkcell had utilized (borrowed) EUR 9.838 million under the EUR 30 million loan.

📋 Staff Comments

1. In 2020, Turkey Wealth Fund (TWF), acquired 26.2% of the shares of Turkcell İletişim Hizmetleri.

📚 Sources & References

Turkcell'e
Bank of China'dan 30 milyon euroluk yeşil kredi
Turkcell Iletisim Hizmetleri AS RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS - Form 6-K
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH INTERIM PERIOD ENDED 30 SEPTEMBER 2023
Istanbul-listed Turkcell obtains €30mn loan from Bank of China for solar investments
Turkcell receives €30 million 'green loan' from China Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.