The International Finance Corp. (IFC) has provided Şişecam with a finance package that will help the glass manufacturer upgrade production facilities, refinance existing debt used to finance a new float and solar glass plant in Tarsus, Turkey, and strengthen working capital.

The $510 million financing package was arranged by IFC, with participation by a consortium of leading international banks, including Industrial and Commercial Bank of China, Emirates NBD Bank, BNP Paribas, HSBC, Bank of Bahrain and Kuwait, ILX and Standard Chartered.

“In line with our sustainable growth vision, we continue to support our investments with a strong and well-balanced financing structure,” says Can Yücel, Şişecam’s CEO. “In the upcoming period, while maintaining our focus on financial discipline, we are entering a phase in which we are beginning to see the results of the actions we have taken to spread the investment-related debt over the most favorable maturities. This agreement with IFC is not only a sign of the confidence that international financial institutions place in Şişecam, but also an important component of our strategy to strengthen our financial structure.”

IFC officials say a key focus of the financing is the growth of flat and solar glass manufacturing in Tarsus and Mersin, which includes solar glass that uses a unique raw material mix to enhance efficiency in solar energy applications. As an incentive-based loan, Şişecam will work toward key performance indicators tied to increasing the representation of women in management, fostering diversity and inclusion, and reducing environmental impact through improved water efficiency.

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