BSTDB Financed Project Wins Environmental Enhancement Deal of the Year Award

The Istanbul Metropolitan Municipality Waste to Energy Conversion Project was awarded theEnvironmental Enhancement ECA-Backed Deal of the Year by TXF (London).

The Black Sea Trade and Development Bank (BSTDB) has provided a long-term EUR 40 million loan to the Istanbul Metropolitan Municipality for the construction and operation of a 90 MW solid waste incineration and energy generation plant.

The EUR 318 million landmark project will drastically transform the waste management of the city while also providing a state-of-the-art energy generation plant.  The project is co-financed by BSTDB with Societe Generale and BNPP  and supported by Swiss export credit agency SERV.

BSTDB has led the environmental and social due diligence of the Project, which is a critical centerpiece to ensure its sustainability, given the complexity of the multiple environmental and social risks and impacts, such as air emissions, noise, ash disposal, traffic loads, labor and health and safety impacts on the local communities and their engagement, to name just a few. BSTDB cooperated closely with the Istanbul Municipality, the project’s lenders and consultants  - Arup and Encon and the EPC Contractor to ensure full compliance of the plant with international environmental and social requirements and best practices in the field of municipal solid waste management and energy recovery.

BSTDB President Dmitry Pankin said: “As a development bank, we strive to assure that the Project is implemented with due regard for the environment and the well-being of people. The operation will generate an important development impact by providing a sustainable solution to the municipal solid waste management and additional energy supply in the largest metropolis of Europe”.