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Main Page arrow News arrow Rönesans and EBRD reach a final deal for a new loan to finance healthcare infrastructure
Finance

Rönesans and EBRD reach a final deal for a new loan to finance healthcare infrastructure

26 December 2022
The EBRD is providing a €75 million long-term convertible loan to Rönesans Sağlık Yatırım for investment in healthcare infrastructure. İpek Ilıcak Kayaalp, Chair of the Board of Directors at Rönesans Holding, stated: "We are strengthening our long-term cooperation with the EBRD through our investments in healthcare infrastructure. The EBRD's support and trust in our company are invaluable.”
The European Bank for Reconstruction and Development (EBRD) is providing long-term financing worth €75 million to Rönesans Sağlık Yatırım A.Ş., a Rönesans Holding group company, for public-private partnership (PPP) investments in hospitals. A signing ceremony was held with the participation of EBRD officials and İpek Ilıcak Kayaalp, the Chair of the Board of Rönesans Holding. In line with the EBRD's focus on improving corporate governance and managing climate risk, most of the loan proceeds will be used to finance capital expenditure for the investments of Rönesans Sağlık Yatırım, with the remainder to be used for corporate purposes. Rönesans boasts a total bed capacity of 9,000 in its completed and ongoing healthcare projects in Turkey.

 
İpek Ilıcak Kayaalp: “The EBRD's support and trust in our company are invaluable”

 
At the signing ceremony, Rönesans Holding Chair of the Board İpek Ilıcak Kayaalp said: "We are strengthening our long-term cooperation with the EBRD through our investments in healthcare infrastructure. We highly appreciate investments in social reinforcement projects in Turkey; the EBRD's support for health infrastructure projects and trust in our company are invaluable.”


İpek Ilıcak Kayaalp, Chair of the Board of Rönesans Holding, stated that the company continues to make investments and acquisitions through its companies in 30 countries, not only in the healthcare sector but also in energy and industry. She went on to say: "Our top priority is to add value to people and to focus on a sustainable future; this and similar financings that support social development and green, low-carbon investments allow us to focus more on sustainability. At Rönesans Holding, we aim to minimize carbon emissions by using best-in-class efficient technologies in our new investments, particularly in healthcare, industry, and energy. The most important aspect of this project and the EBRD cooperation will be our work on gender-based violence and harassment. Through previous pilot studies, we have ensured that equal opportunities for women and men in the healthcare sector are promoted by comprehensively strengthening our human resources processes, policies, and procedures, including contracted positions. Now, we will further expand our work."


Regarding the cooperation, EBRD Managing Director for Turkey Arvid Tuerkner said, "We have a long partnership history with Rönesans, and we are happy to work with them on this project. This project will strengthen hospital infrastructure investments and transform the company into the country's largest social infrastructure and Public Private Partnership platform. In addition, it will increase the financial resilience and sustainability performance of Rönesans Sağlık Yatırım. We believe that all of Rönesans' efforts will contribute greatly to social infrastructure projects in Turkey.”

 

Rönesans Sağlık Yatırım will implement a comprehensive plan

 

Following the highest standards of corporate governance and sustainable development, Rönesans Holding and Rönesans Sağlık Yatırım, with the EBRD's support, will implement a comprehensive Environmental and Social Action Plan to improve corporate governance and climate risk management. Additionally, Rönesans Sağlık Yatırım will implement actionable steps to address gender-based violence and harassment, following the guidance of a key document prepared by the EBRD, IFC, and CDC (the former development finance institution of the United Kingdom).”

 

On the other hand, all five hospitals that Rönesans Sağlık Yatırım A.Ş. implemented in partnership with the French Meridiam International Investment Fund and Japanese Sojitz have received LEED GOLD certification. In addition, the new healthcare investment being realized with Meridiam, Samsung C&T, and Istanbul Asset Management will also be LEED (Leadership in Energy and Environmental Design) certified.

 

Since 2009, the EBRD has invested approximately €17 billion in Turkey, almost entirely in the private sector. As a result, the EBRD's €7.3 billion portfolio in Turkey is the most substantial out of the 38 economies in which the Bank has invested.





About Rönesans Group

Rönesans Holding, the conglomerate's top investment entity headquartered in Ankara, is the 38th largest international contracting company globally and the 9th largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, including subsidiaries such as Ballast Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been operating as the main contractor and investor successfully for 30 years in construction, real estate development, healthcare and energy. Putting resilience and growth through innovation at the core of the company, with a priority on sustainability and social development, Rönesans has developed projects supporting students with scholarships, academic platforms and initiatives; been a signatory of the UN Global Compact since 2015; and a signatory of the UN Women’s Empowerment Principles since 2016.

Under the leadership of its president, Erman Ilıcak, and Chair of the board, İpek Ilıcak Kayaalp, Rönesans, along with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies, and IFC of the World Bank Group (minority shareholder in the group), has invested more than EUR8 billion into pioneering projects globally.


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