Escarus Provided The Second Party Opinion For Turkey's First Sustainable Sukuk

Turkey's first sustainable sukuk issuance was carried out by Zorlu Enerji. The company has released a sustainable sukuk framework under its Sukuk Program of 450 million TL. The first issuance within the Program amounted to 50 million TL took place on June 3rd, 2020. Escarus acted as the external reviewer that provided the second party opinion on Zorlu Enerji's Sustainable Sukuk Framework.

Escarus undertook a first practice in Turkey with this second party opinion. Escarus Sustainable Finance Projects Manager Melis Bitlis said, “Sustainable bond world is a universe that is still under development in our country. Sustainable and green sukuk practices have been implemented especially in Southeast Asia, but there has been no issuance in our country in this context yet. The company's sustainable sukuk framework is a pioneering example in this field, as it includes project eligibility areas such as sustainable infrastructure and clean transportation, in addition to the green energy criteria we are accustomed to seeing in these bond frameworks. We see the development and diversification of sustainability-themed financial products and services as an important step for the development of the sustainable finance universe in our country. In this respect, we, as Escarus, are pleased to have provided the second party opinion on Zorlu Enerji's sustainability framework. ”

About Zorlu Enerji:

Zorlu Enerji, founded in 1993 to operate in different areas of the energy sector, is an energy company that provides integrated services on a global scale. It is among Turkey's leading private power producers with a total installed capacity of 1.006 MW, 659 MW domestic, 346 MW overseas. The Company is an integrated utility operating in electricity generation, electricity and gas distribution and electricity wholesale and retail sales segments and has a balanced generation portfolio, which offers both resource and geographical diversity.