Turkey’s first sustainable sukuk issuance was carried out by Zorlu Energy. The company has released a sustainable sukuk framework under its Sukuk Program. Escarus acted as the external reviewer that provided the second party opinion on Zorlu Energy’s Sustainable Sukuk Framework.

Sustainable sukuk framework of Zorlu Energy – who operates in electricity generation, electricity and gas distribution, wholesale and trade in the energy sector – includes sustainable infrastructure and clean transportation project areas as well as renewable energy projects. ”

Development and diversification of sustainability-themed financial products and services holds importance for the development of sustainable finance in Turkey. Green sukuk practices have gained ground in Southeast Asia; however, there has been no sustainable sukuk issuance in Turkey yet. With this perspective, Escarus undertook a first practice in Turkey with the second party opinion it provided.