Turkiye: Turkiye Ronesans Project Manzara Sustainable Bond Investment (AIIB-000947)

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.
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 26, 2025
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
Ronesans Holding A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
  • Transport
  • Water and Sanitation
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)
$ 40.00 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)
$ 40.00 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)
$ 75.00 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
Other Related Projects
Primary Source

Original disclosure @ AIIB website

Updated in EWS Oct 21, 2025

Disclosed by Bank Sep 25, 2025

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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 project development objective is to support renewable energy in Turkiye by promoting sustainable capital market instruments.

The Project proposes to invest USD40 million into the sustainable bond issued by Ronesans Holding A.S. ("Ronesans", "RHOL" or the "Issuer"), which is a global project development, investment, and contractor group with a footprint mainly in Turkiye, Europe, Central Asia Countries, Middle East and North Africa. The proposed investment represents a tap issuance, or add-on investment, into the first sustainable bond issued by Ronesans in October 2024 (the "Project or the "Bond"). Ronesans published its Sustainable Finance Framework (SFF) in 2024, in alignment with the International Capital Market Association's (ICMA) Green Bond Principles and Social Bond Principles; a second party opinion (SPO) was provided by ISS. The original issuance totaled USD350 million, with participation from international financial institutions including IFC, EBRD, and DEG, and the remaining from banks, asset managers and funds.

The proceeds of the Bond will be allocated to finance new and existing projects that are qualified under the Eligible Green Categories and Eligible Social Categories, as defined in the Issuer's SFF. The Eligible Green Categories include: i) renewable energy, ii) energy efficiency, iii) green buildings, iv) clean transportation, v) climate change adaptation and vi) sustainable water and wastewater management. Whereas the Eligible Social Categories include: i) access to essential services (healthcare), ii) access to essential services (education, emergency/disaster relief), iii) affordable housing and iv) socio-economic advancement and empowerment. The Bond issuance will help accelerate Ronesans' investment and expansion under the sustainable framework, contributing to its long-term strategic growth. AIIB's investment will support renewable energy, specifically YEKA wind power projects (WPPs), in Turkiye, as an eligible Green Category under the SFF.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the AIIB, the envisaged financing amount of the tap issuance is USD75 million. The AIIB’s participation is up to USD40 million, and remaining amount will be issued to other qualified institutional investors.

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, Ronesans Holding Anonim Sirketi operates as a holding company. The Company, through its subsidiaries, provides infrastructure, industrial, and home construction services, as well as focuses on investments in construction, energy, healthcare, real estate, and industrial sectors. Ronesans Holding 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
- - - - Ronesans Holding AS 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:

Han Zhao - Senior Investment Officer, Project and Corporate Finance
Email: han.zhao@aiib.org

Client - Rönesans Holding A.S.:

Meric Kocabey - Director of Corporate Communications
Email: meric.kocabey@ronesans.com

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