TSKB (Industrial Development Bank of Türkiye) and OYAK Cement have established a new cooperation for the financing of renewable energy and waste heat recovery investments. As part of the agreement signed, an investment loan worth EUR 75 million will be disbursed for the 115 MW Solar Power Plant (SPP) in Beypazarı, Ankara and the Waste Heat Recovery Facility investments at Ankara, Adana and Mardin plants. This funding by TSKB will be used to fund OYAK Cement's energy efficiency and renewable energy projects and will thus contribute to the mitigation of carbon emissions as well as the delivery of sustainable energy transformation.
TSKB and OYAK Cement Pen a Strategic Agreement to Support Türkiye's Net Zero Bid.
TSKB and Oyak Cement took a major step to mitigate transition risks from climate risks. The loan agreement complies with the Net Zero commitments approved by the Science Based Targets Initiative (SBTi). It will support Türkiye's transition to a low-carbon economy and lead green transformation in the cement industry. This cooperation agreement includes the first loan extended by TSKB to the cement sector as part of Transition Finance and within the framework of international standards.
OYAK Cement General Manager Murat Sela also shared his views on the agreement, stating that sustainability and an increased use of renewable energy resources were among their major agenda items. "At OYAK Cement, we take a justified pride in being the first cement producer in the sector to make a net zero commitment, and we are now taking a significant step under our sustainability roadmaps for 2030 and 2050. We expect these investments to help generate 237,000 MWh of energy per year, while increasing the total renewable energy utilization rate at our plants from 9% to 30%."
