Turkiye: Smart Energy Solar Energy Project (AIIB-000691)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Specific Location
Aliaga, Izmir
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 20, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Smart Gunes Enerjisi Teknolojileri Ar-Ge Uretim Sanayi ve Ticaret A.S. (Smart Gunes)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Energy
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Corporate Actor Documents
Primary Source

Original disclosure @ AIIB website

Updated in EWS Apr 11, 2024

Disclosed by Bank Feb 8, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the AIIB, the objective of the project is to scale up solar module and cell manufacturing capacity in Turkiye and contribute to Turkiye's ambition of expanding its solar module manufacturing capacity.

AIIB will partially finance the capital expenditure of a new 1,500 MW/year solar cell and 1,200 MW/year solar module manufacturing facility, in Izmir, Turkiye (Aliaga Facility or the Project). The Project is being developed by Smart Gunes Enerjisi Teknolojileri Ar-Ge Uretim Sanayi ve Ticaret A.S (Smart Gunes), a leading solar module manufacturing company in Turkiye. This will allow Smart Gunes to expand its module manufacturing capacity to approximately 2.2 GW/year, becoming one of the largest manufacturers in Turkiye and achieving vertical integration through entering cell manufacturing.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, Smart Gunes Enerjisi Teknolojileri Arastirma Gelistirme Uretim Sanayi ve Ticaret AS operates as an integrated solar energy company. The Company produces and installs photovoltaic solar panels based on crystal silicon cells for use in field and rooftop solar plants. Smart Gunes Enerjisi Teknolojileri Arastirma Gelistirme Uretim Sanayi ve Ticaret serves customers in Turkey.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Smart Gunes Enerjisi Teknolojileri (Smart Solar Technologies) Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

AIIB Team Leader:

Dominic Richards - Senior Investment Officer, Digital Infrastructure & Industries
Email: dominic.richards@aiib.org

Client - Smart Gunes Enerjisi Teknolojileri Ar-Ge Uretim Sanayi Ve Ticaret A.S.:

Sabit Askar - Budget and Reporting Manager
Email: sabit.askar@smartsolar.com.tr
Website: https://www.smartsolar.com.tr/en

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

How it works

How it works