The European Bank for Reconstruction and Development (EBRD) is investing US$ 75 million in a debut green Eurobond issued by Turkey’s Aydem Yenilenebilir Enerji, or Aydem Renewable Energy.
Focused exclusively on renewable energy sources, the company operates 20 hydro plants, 3 wind-power plants, 1 geothermal plant and 1 biogas plant in 4 Turkish regions, with a total installed capacity of 1,020MW.
Aydem Renewable Energy raised US$ 750 million from its inaugural issuance, which was oversubscribed with orders for US$ 1.6 billion. This was the largest green corporate Eurobond issued in Turkey to date and one of the country’s biggest ever placements.
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.
As part of its cooperation with the EBRD, the company has committed to opening up career opportunities for women. It will launch a new gender-focused internship programme to equip young people with skills and attract more women to the sector. The company will also improve conditions for female employees and put in place human-resources standards to prevent gender-based violence and harassment.
To promote access to reliable childcare, Aydem Renewable Energy will contribute to the revision of Turkey’s regulations on early childhood care and education.