Leading Georgian universal bank to develop hydropower
responsAbility and TBC Bank Georgia expand cooperation to climate financingTbilisi and Zurich, 8 February 2017 — Georgia-based TBC Bank has signed a USD 25 million loan agreement with a responsAbility-managed fund focusing on climate financing. The facility is dedicated to financing small-scale hydropower plants in Georgia.
‘TBC Bank actively finances renewable energy projects in Georgia and holds one of the largest portfolios in this sector’, commented Vakhtang Butskhrikidze, CEO of TBC Bank. ‘The new funds raised will help us to further strengthen our position in this sector. We are especially pleased to start a partnership with a fund that has a particular emphasis on the energy sector.’
Antoine Prédour, Head Energy Debt Financing at responsAbility Investments AG, added: ‘Having worked with TBC Bank in the area of private debt financing for years, we are delighted to extend our cooperation to the area of dedicated climate loans targeting renewable energy initiatives. Given the number of existing small-scale hydropower projects in the country it is essential that financing be made available to bring them to completion. TBC Bank has an important role to play in this field.’
TBC Bank PLC
Debt Capital Markets
responsAbility Investments AG
Ulli Janett, Media Relations
+41 44 403 06 33
About TBC Bank
TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 29.7% of loans (37.2% with Bank Republic) and 30.6% of non-banking deposits (35.5% with Bank Republic) as at 30 September 2016, according to the data published by the NBG.
About responsAbility Investments AG
responsAbility Investments AG is one of the world’s leading asset managers in the field of development investments and offers professionally managed investment solutions to both private and institutional investors. The company supplies debt and equity financing to non-listed firms in emerging economies and developing countries.
responsAbility currently has USD 3.1 billion of assets under management invested in over 550 companies in 96 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market and its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA.
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