Investment will expand renewable energy while strengthening gender equality through education, working conditions and childcare.
Turkey’s Aydem Yenilenebilir Enerji, (Aydem Renewable Energy, in English) has raised $750m through its first ever green Eurobond, one tenth of which has been provided invested by the European Bank for Reconstruction and Development (EBRD).
Focused exclusively on renewable energy sources, the company operates 20 hydro plants, three wind-power plants, one geothermal plant and one biogas plant. These facilities span four Turkish regions with a total installed capacity of more than 1GW.
Aydem Renewable Energy’s bond was oversubscribed with orders reaching $1.6bn, emphasising again the demand from investors for sustainable investments. This was also the largest green corporate Eurobond issued in Turkey so far.
The bond is independently certified as compliant with the International Capital Market Association’s Green Bond Principles and will set a benchmark for the Turkish renewable energy sector. It will enable further investment in renewable capacity – something that Turkey’s government has prioritised for national security and prosperity reasons.
As part of its cooperation with the EBRD, the company has also committed to launch a new gender-focused internship programme to equip young people with skills and attract more women to the renewable energy sector. The company will also improve conditions for female employees and put in place human-resources standards to prevent gender-based violence and harassment while contributing to the revision of Turkey’s regulations on early childhood care and education.