April 7 (SeeNews) - The International Finance Corporation (IFC) said it is considering lending a total of $75 million (69.1 million euro) to Turkey's Trakya Cam Sanayii, the flat glass unit of the Sisecam Group, for energy efficiency projects at plants located in Turkey and Bulgaria.
The project will be financed by an IFC A loan of $40 million from its own accounts, $20 million from IFC acting in its capacity as implementing entity for the managed co-lending portfolio program and a $15 million syndicated B loan, the IFC said in a statement.
The proposed funding is pending review by the IFC board on May 7.
The project - with total cost of around $110 million - is to support Trakya's energy efficiency investment program which includes capital expenditures for cold repair and revamping of furnaces at Trakya's Mersin plant in Southern Turkey, waste heat recovery at Trakya-Mersin, flue gas treatment accompanied by a similar waste heat recovery unit at Trakya Bulgaria and other energy savings and efficiency improvements in Turkey.
Sisecam is a leading Turkish producer of flat glass, tableware, glass containers, glass fibers and associated products worldwide. Sisecam group companies currently hold around 70% stake in Trakya and the remaining shares are publicly traded on the Istanbul Stock Exchange.
($=0.9211 euro)