TSKB and OYAK Cement Cooperate for Investments in Solar Power Plants and Waste Heat Recovery Plants
TSKB cooperates with OYAK Cement to offer a new financing in a bid to mitigate climate risks. Accordingly, 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. Contributing to Türkiye's sustainable development goals, this strategic cooperation will also boost renewable energy investments.
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. The agreement will support the launch of a Solar Power Plant investment with an installed capacity of 115 MW in Beypazarı, Ankara and will enable investments for Waste Heat Recovery Facilities in Ankara, Adana and Mardin Plants.
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. It reflects the joint vision set by TSKB and OYAK Cement on renewable energy, energy efficiency and climate risk mitigation and will contribute to Türkiye's sustainable development in line with the 2050 Net Zero target.
TSKB CEO Murat Bilgiç commented on the agreement of March 20, 2025. "At TSKB, we cultivate a mission to support sustainable and inclusive development, and we continue to launch financing models contributing to Türkiye's transition to a low-carbon economy. This strategic cooperation with OYAK Cement is a key step towards increasing energy efficiency in the cement industry and thus reducing carbon emissions. We are pleased to contribute to our country's achievement of net zero targets through renewable energy and waste heat recovery investments."
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. To this end, we have accelerated our investments for the Beypazarı Solar Power Plant having an installed capacity of 115 MW as well as the Waste Heat Recovery Facility investments with a total installed capacity of 13.5 MW at our Adana, Ankara and Mardin plants. 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%."
Ali Onur Aygün, Country CFO at OYAK Cement, said, "OYAK Cement backs environmental sustainability with financial sustainability, and this investment funding agreement we have signed with TSKB will make a robust contribution not only to our company's green transformation journey, but also to Türkiye's transition to a low-carbon economy. I am fully convinced that such investments will optimize our operational costs by increasing our energy efficiency and will simultaneously serve our long-term value creation goals for all stakeholders."
