📋 Tender Overview
Location:
Türkiye
Project number:
55390
Business sector:
Agribusiness
Notice type:
Private
Environmental category:
B
Approval date:
22 Oct 2024
Status:
Signed
English-language PSD published:
17 Jan 2025
Project Description
The proposed transaction involves provision of up to EUR 100 million (of which EUR 60 million uncommitted) senior unsecured loan (the "Loan") consisting of: (i) EBRD finance of EUR 94 million and (ii) Clean Technology Fund finance of USD 6.5 million. The Loan will be used to finance Migros's 2024/25 capex programme.
Project Objectives
The proposed transaction will enable the Borrower to finance its capex programme in Türkiye, including: i) investments into new store openings across the country and refurbishments of existing stores; and ii) renewable energy investments (the "Project").
Transition Impact
ETI score: 60
Green: The Company is committed to sustainability improvements, driven by its ambitious renewable energy investment programme, reducing greenhouse gas emission in the Company's operations and CCG improvements.
Client Information
MIGROS TRADING INC.
Migros operates a multi-format strategy, with supermarkets, hypermarkets, wholesales, online channels, Macrocenter and Mion (personal care) and has a presence in all 81 cities of Türkiye. Migros is indirectly owned 50% by the Anadolu Group, with the remainder floating on the Istanbul Stock Exchange.
EBRD Finance Summary
EUR 94,000,000.00
Total Project Cost
EUR 100,310,985.97
Additionality
The EBRD is able to provide long-term financing to support the company's long-term growth plans, filling a gap currently not easily met by domestic lenders, which facilitates long-term planning and growth.
As required under the CTF High Impact Programme, the Company will commit to improve its CCG reporting practices. Through this project, providing concessional finance is critical in facilitating the Company's climate agenda and supporting Migros to establish itself as a pioneer on climate action in the Turkish retail sector.
Furthermore, as a result of the EBRD's involvement, the Company will further promote women's participation in its workforce. The Company commits to increasing its share of women in managers by 2 per cent by 2027 (to 35%). The commitment is underpinned by a consolidation of the pilot Leading Women Development Program initiative launched in 2023.
Environmental and Social Summary
Categorised B (ESP2019). The Environmental and Social Due Diligence (ESDD) has been conducted internally through a review of a completed ESDD questionnaire, meetings with Company personnel, a review of the Company's sustainability report, Annual Environmental and Social Reports (AESR's), the Environmental and Social Action Plan (ESAP) implementation and other documentation. Supply chain due diligence has also been carried out to identify and manage risks in the solar supply chain.
The ESDD has confirmed that the Compa
