The International Finance Corporation (IFC) has provided a €435 million financing package to Şişecam to support the expansion of flat and solar glass manufacturing in Türkiye and reinforce the company’s financial resilience.

The investment will help Şişecam upgrade production facilities, refinance existing debt used to finance the company’s new float and solar glass plant in Tarsus, and improve working capital flexibility. A key focus of the financing is expanding advanced flat and solar glass manufacturing capacity in Tarsus and Mersin, reinforcing Türkiye’s role in the supply chain for renewable energy and high-performance building glass.

A central component of the programme is the scale-up of innovative solar glass produced using a unique raw-material mix designed to enhance efficiency in solar energy applications. By supporting output growth while also improving the energy efficiency of existing operations, the package is positioned to contribute to the wider deployment of renewable energy solutions and to meet growing demand for solar glass both locally and internationally.

In parallel, IFC’s financing supports stronger environmental, social, and governance (ESG) performance through an incentive-based loan structure. Under this framework, Şişecam will work toward measurable key performance indicators connected to increasing the representation of women in management, advancing diversity and inclusion, and reducing environmental impact through improved water efficiency.

Şişecam CEO Can Yücel stated that the agreement supports the company’s sustainable growth vision and reflects its continued focus on financial discipline, including actions taken to spread investment-related debt across more favourable maturities. IFC’s Ashruf Megahed, Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia, described the package as a landmark step in a partnership that has continued since 1970, supporting expansion, job creation, and innovation.

The €435 million financing package was arranged by IFC with participation from a consortium including Industrial and Commercial Bank of China, Emirates NBD Bank, BNP Paribas, HSBC, Bank of Bahrain and Kuwait, ILX, and Standard Chartered. In addition, IFC acted as anchor investor in Sisecam UK Plc’s seven-year $500 million Eurobond issuance. Following the company’s successful $1.5 billion Eurobond issuance in 2024, this targeted support will help refinance an upcoming Eurobond payment and reinforce working capital planning.

Şişecam employs more than 22,000 people across 43 production facilities in 12 countries, supplying customers in over 150 countries through a diversified footprint spanning Europe, the Middle East, North Africa, and the United States.