IFC Supports Şişecam’s Expansion, Sustainability, and Solar Glass Production in Türkiye

The initiative is designed to meet growing global demand for solar glass, support the expansion of renewable energy solutions, and increase the energy efficiency of existing plant operations.

The International Finance Corporation (IFC) has provided a major financing package to Türkiye Şişe ve Cam Fabrikaları A.Ş. (Şişecam), one of the world’s leading glass and chemicals producers, to support facility upgrades, strengthen working capital, and advance renewable energy manufacturing in Türkiye.

The financing will enable Şişecam to upgrade production facilities, refinance existing debt related to its new float and solar glass plant in Tarsus, and enhance liquidity, reinforcing the company’s long-term financial resilience.

Expanding Solar and Flat Glass Manufacturing

A central focus of the investment is the expansion of flat and solar glass manufacturing in Tarsus and Mersin, including the production of innovative solar glass that uses a unique raw-material mix to improve efficiency in solar energy applications.

The initiative is designed to meet growing global demand for solar glass, support the expansion of renewable energy solutions, and increase the energy efficiency of existing plant operations.

IFC said the investment will help translate industrial growth into climate-positive outcomes by supporting clean energy supply chains and more efficient manufacturing processes.

Incentive-Based Loan Linked to ESG Performance

The financing package also places strong emphasis on environmental, social, and governance (ESG) performance.

As part of the incentive-based loan structure, Şişecam has committed to working toward key performance indicators focused on:

• Increasing women’s representation in management

• Strengthening diversity and inclusion

• Reducing environmental impact through improved water efficiency

IFC said these measures reflect a broader effort to integrate sustainability and inclusive growth into large-scale industrial investments.

Leadership Comments Highlight Long-Term Partnership

Şişecam CEO Can Yücel said the agreement supports the company’s sustainable growth strategy and disciplined financial management.

“In line with our sustainable growth vision, we continue to support our investments with a strong and well-balanced financing structure,” he said.

“While maintaining our focus on financial discipline, we are beginning to see the results of the actions we have taken to spread investment-related debt over the most favourable maturities. This agreement with IFC is not only a sign of international confidence in Şişecam, but also an important component of our strategy to strengthen our financial structure.”

He said the company would continue advancing its long-term value creation goals while sustainably supporting investments in Türkiye.

Ashruf Megahed, IFC Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia, described the financing as a milestone in IFC’s long-standing partnership with Şişecam.

“This landmark financing package reflects over half a century of IFC’s partnership with Şişecam, supporting expansion, job creation, and innovation in the global glass and chemicals industries,” he said.

“Our collaboration exemplifies how private-sector partnerships can enhance competitiveness while advancing best practices in women’s inclusion and environmental stewardship.”

Scale, Employment, and Global Footprint

Şişecam employs more than 22,000 people across 43 production facilities in 12 countries, with operations spanning Europe, the Middle East, North Africa, and the United States.

Since IFC’s partnership with the company began in 1970, it has supported Şişecam’s expansion, export growth, innovation, and sustainability, contributing to industrial development in Türkiye and internationally.

Details of the Financing Package

The €435 million financing package was arranged by IFC with participation from a consortium of international banks, including:

• Industrial and Commercial Bank of China

• Emirates NBD Bank

• BNP Paribas

• HSBC

• Bank of Bahrain and Kuwait

• ILX

• Standard Chartered

In addition to this package, IFC also acted as anchor investor in Sisecam UK Plc’s new seven-year, US$500 million Eurobond issuance.

This support follows the company’s successful US$1.5 billion Eurobond issuance in 2024 and is intended to help refinance an upcoming Eurobond payment while strengthening working capital and financial resilience.

Supporting Türkiye’s Industrial and Green Transition

IFC said its strategic collaboration with Şişecam is aimed at helping the company meet evolving market demands while reinforcing its leadership in global glass and chemicals production.

By backing investments in solar glass, advanced manufacturing, and ESG performance, the financing supports Türkiye’s industrial competitiveness and contributes to global efforts to expand renewable energy and sustainable production.

About Şişecam

Founded in 1935 by Türkiye İş Bankası, Şişecam was established to support the industrial development of the newly formed Republic of Türkiye. Over the decades, it has grown into a global leader in glass and chemicals, operating across all core areas of glass production.

Şişecam ranks among the top five producers worldwide in its sectors and plays a pioneering role in flat glass, glassware, packaging, chemicals, auto glass, glass fibre, mining, energy, and recycling.

Through its CareForNext strategy, the company aligns its operations with the United Nations Sustainable Development Goals, focusing on protecting the planet, empowering communities, and transforming lives.