Highlights

• Invests in projects for environmental sustainability.
• Rönesans Enerji will use the framework to access green financing and become one of the top 3 green energy companies in Türkiye.
• The framework aligns with international green finance standards and covers all renewable energy sources, including bioenergy, geothermal and hydrogen technologies.
• ING was the sustainability advisor and highlighted the potential of the framework to bring international financing to Türkiye’s renewable energy sector.

Rönesans Holding, a Turkish contracting and investment company, has launched its first-ever Green Finance Framework to channel financial investments into projects for environmental sustainability.

ING was the sustainability advisor for the development and publication of this framework.

To become one of the top green energy companies in Türkiye, Rönesans Enerji has increased its investments heavily with the Green Finance Framework. This framework is the first in the sector to comply with the Capital Markets Board of Türkiye’s guidelines for green debt instruments.

Rönesans Enerji, a joint venture between Rönesans Holding and TotalEnergies, will use the framework to access green financing for renewable energy projects. The company will contribute 7-10% to the green energy investments in Türkiye’s National Energy Plan.

Rönesans Enerji’s Green Finance Framework is the first for Rönesans Holding. The framework follows several international standards, including the Green Bond Principles of the International Capital Market Association (ICMA). It is also in line with the Capital Markets Board of Türkiye’s guidelines for green and sustainable debt instruments, so it can be used for both national and international green financing.

The framework is one of the most detailed in the energy production sector in Türkiye. It covers general renewable energy sources such as hydro, wind and solar as well as emerging technologies like bioenergy and geothermal. It is also the first in Türkiye to cover green hydrogen production and storage technologies. ISS Corporate Solutions gave a Second Party Opinion (SPO) to the framework and confirmed it is in line with all standards.

Read more: Saudi Arabia Unveils Green Finance Framework

Green Finance

İpek Ilıcak Kayaalp, Chairperson of Rönesans Holding, said the Green Finance Framework is very important for Türkiye’s energy sector. She said it is one of the first of its kind, and Rönesans Holding is committed to sustainability in all its operations. Kayaalp also mentioned the importance of foreign partnerships and financing, Rönesans Holding works with 40 international banks to support its investments. She said over EUR 8 billion has been invested in Türkiye, most of which is through these partnerships. The new framework will provide easier access to green finance instruments and support Türkiye’s sustainable energy future.

One of the Top 3 in Türkiye

Emre Hatem, Board Member of Rönesans Holding and Energy Group President said Rönesans Enerji will be one of the top 3 green energy companies in Türkiye. Since its establishment, the company has only invested in green energy and aims to have a 100% green energy portfolio. Rönesans Enerji will bring 2000 MW of green energy online by 2028, with an interim target of over 700 MW by 2026. This is in line with its goal to contribute 7-10% to the green energy targets in Türkiye’s National Energy Plan.

Sustainability is a Priority

Bas Bittink, Head of Türkiye and Middle East Debt Capital Markets at ING, said he is happy to work with Rönesans Enerji on the Green Finance Framework. He said the framework and the Second Party Opinion set a new standard in the region and will bring more dedicated financing to the Turkish renewable energy sector.

Ayşegül Akay, Executive Vice President of ING Türkiye Wholesale Banking, said sustainability is a strategic priority for ING. The bank aims to triple its annual renewable energy financing to EUR 7.5 billion by 2025. She said collective effort is needed in green transformation, and Rönesans Enerji Green Finance Framework can be a key player in Türkiye’s sustainability journey. This partnership will leverage ING’s international expertise to transform Türkiye’s energy sector.

Green Investment Guidelines

The Green Finance Framework has a set of detailed rules for channelling financial investments into projects that support environmental sustainability. It is in line with international frameworks such as Green Bond Principles and EU Taxonomy for Sustainable Finance. The framework focuses on environmental objectives like reducing carbon emissions and resource efficiency. It also requires reporting and transparency so investments are green and deliver environmental impact.

Follow KnowESG's Sustainable Finance news for regular news and views.

Discover an extensive network of ESG providers here

Check out KnowESG's latest ESG Course updates

Source: Rönesans Enerji