Green Energy Campaign: EBRD awards $50 million to Esan Eczacibasi in Turkey

The European Bank for Reconstruction and Development (EBRD) provides a loan of USD 50 million (EUR 46 million) to Esan Eczacibasi Endustriyel Hammaddeler Sanayi ve Ticaret AS in Türkiye. The aim of this financing is to support the improvement of resource and energy efficiency at the Balya polymetal mine in Balikesir.

The investment will facilitate the decarbonization and electrification of the Balya mine’s operations, increasing operational efficiency and supporting green energy projects. The Balya mine produces zinc, copper and lead – metals necessary for the energy transformation.

Mining is key to decarbonization, and copper and zinc are essential in a variety of green applications such as battery-powered vehicles, electronics and renewable energy generation, transmission and storage.

Additionally, EBRD will help Esan increase young people’s access to market-relevant skills and employment opportunities through a new accredited dual learning program in partnership with local technical and vocational institutes. Given the traditionally male-dominated nature of the mining sector, Esan, with support from the EBRD, will also work to promote gender equality in training and employment.

Esan has committed to complying with the EBRD’s environmental and social standards throughout the project, through the bank’s ongoing environmental assessment and commitment.

Natalia Lacorzana, Director of Natural Resources at the EBRD, commented: “I am delighted to have signed today this very important transaction with Esan, a company that aspires to promote the decarbonization of the mining sector and the production of metals essential to the green energy transition. As part of our investment, Esan will also undertake a number of initiatives to promote an inclusive and gender-sensitive work environment, thereby contributing to equal opportunities in mining activities. I am very proud of our partnership with Esan and I am confident that it will be an example for the rest of the sector.”

Esan, a key producer of minerals and industrial metals in Turkey, is a subsidiary of Eczacibasi Holding, one of the country’s leading industrial groups.

Atalay Gümrah, CEO of Eczacibasi Holding, said: “As a transformation pioneer in the mining industry, we are delighted to collaborate with EBRD on an investment that leverages new technologies to promote efficiency and sustainability in our industry. Through this project, our goal is not only to decarbonize and electrify our operations, but also to support economic empowerment through the implementation of long-term community development programs. We also aim to provide market-relevant skills and employment opportunities, particularly to young people and women, thereby supporting a more inclusive mining sector.

The EBRD is a significant investor in Turkey, having invested almost €19.5 billion in 440 projects and trade finance caps since 2009, of which 93 percent went to the private sector.

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