Finnvera guarantees Valmet's deliveries to Turkey with a buyer credit guarantee
Valmet delivers a containerboard machine and an OCC line to Bati Kipas Kagit Sanayi ve Tikaret A.Ş. in Turkey. Finnvera granted an EUR 114.3 million Buyer Credit Guarantee with a 95 percent guarantee cover for the deliveries. Recycled paper is used as raw material. Environmental impacts are considered fairly low and local.
Bati Kipas is part of the Turkish Kipas conglomerate group, whose most important business areas include, in addition to textiles, the manufacturing of recycled paper packaging materials as well as cement and energy production.
Information about the guarantee agreement
- Signing date of the Finnvera Guarantee Agreement: 2 August 2022
- Name of the Guarantee Holder: ING Bank N.V.
- Name of the Exporter: Valmet Technologies Oy
- Name of the Lenders: ING Bank, a branch of ING-DiBa AG, Commerzbank AG, Landesbank Hessen-Thüringen Girozentrale and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main.
- Name of the Buyer and Borrower: Bati Kipaş Kağit Sanayi Ve Ticaret A.Ş.
- Name of the Guarantors: Kipas Holding A.Ş., Kipas Kahramanmaras Iplik Pamuk Ticaret ve Sanayi A.Ş., Kipas Kagit Sanayi Isletmeleri A.Ş., Kipas Mensucat Isletmeleri A.Ş, KÇS Kahramanmara Çimento Beton Sanayi ve Madencilik letmeleri A.Ş., Maren Maras Elektrik Üretim Sanayi ve Ticaret A.Ş. and Karen Kahramanmaras Elektrik Üretim A.Ş., companies incorporated in Turkey.
- Goods: Containerboard Machine PM3 and OCC-line
- Country of Export transaction/project: Turkey
- Credit amount MEUR: 114,3 millions
- Credit period: 30 months + 10 years
- Percentage of cover: 95%
- ES-risk classification: B
- International standards applied in benchmarking: IFC Performance Standards and EHS Guidelines
- Contact point: [email protected]
- Environmental and social impact information: Recycled paper as raw material. Environmental impacts are considered fairly low and local.
- Date of publish: 22 December 2022