Rönesans Holding finalises funding for Türkiye's major Northern Marmara Motorway Project

Motorway project will revolutionise Istanbul’s east-west road connections, with new corridor between Asian and European sides of the city
City centre will now have new direct access to Istanbul Airport
The project sets new benchmark for sustainable infrastructure in Türkiye

ISTANBUL, Oct. 21, 2024 /PRNewswire/ — On Friday 18^th October, Rönesans Holding announced the financial closing ceremony for the Nakkaş-Başakşehir section of the Northern Marmara Motorway Project in Türkiye – a project that has received €1.43 billion in investment.

Nakkaş-Başakşehir section of the Northern Marmara Motorway Project is a milestone for Istanbul’s east-west connectivity, bypassing Istanbul’s congested road network to the north and providing additional dual carriageway between Asia and Europe.

The motorway will also enhance access to Istanbul’s new airport via its new toll road, linking the western and northern districts of the city.

Commuters, businesses, and logistics operators will benefit from quicker travel times and lower transportation costs, alongside improved road safety and reduced congestion.

The project is one of Türkiye’s highest-value investments in the road sector and involves a 31.3-kilometer toll road, including a 1.6-kilometer cable-stayed bridge, and multiple overpasses and underpasses. Key components of the project include advanced tolling systems and sustainable construction techniques.

Erman Ilıcak, President of Rönesans Holding, said: “We’re proud to be setting a new standard for transportation in Türkiye with the Nakkaş-Başakşehir Project. We’d particularly like to thank our consortium partners, under the leadership of Samsung C&T Corporation, for their confidence in us throughout this project, and for their investment in Türkiye. Not only will the motorway drastically cut travel times for individuals and businesses in Istanbul, it will also take the country’s sustainable development to the next level. This is a motorway of the future, built with people, society and the environment in mind – elements we hope to see replicated across global infrastructure projects moving forwards.”

Se Chul Oh, President and CEO of Samsung C&T said: “This project is expected to enhance economic cooperation between the two countries. Moreover, it holds a great significance as K-Team produces meaningful outcomes, bringing skilled technique and policy support from public organizations, including Korean Expressway Corporation, KIND and PIS Fund. We will keep this momentum going to create additional cooperative opportunities in Türkiye, CIS and Eastern European markets, beyond this successful partnership with Rönesans.”

Sustainability lies at the heart of Nakkaş-Başakşehir’s design. For example, a Solar Energy Generating System with capacity of 2MW will be installed, with clean energy from the solar panels set to power the motorway’s operations and management (O&M) centre and service stations.

The replacement of over 4,500 sodium lights with LEDs is expected to reduce energy consumption by c. 37.5% (35+ MWh) during the project lifetime. Additionally, all O&M motorway vehicles will be hybrid or electric, estimated to save around 112,000 liters of fuel consumption per year.

Overall, the project is set to save 7.9 million tonnes of GHG emissions over 30 years. Specifically, it will reduce particulate matter (PM) emissions by 1,399 tonnes, nitrogen oxides (NOx) by 58,699 tonnes, and sulfur dioxide (SO2) by 95 tonnes.

The Nakkaş-Başakşehir section of the Northern Marmara Motorway is being developed under a Build-Operate-Transfer (BOT) model, led by Rönesans Holding A.Ş. The consortium includes prominent international partners such as Samsung C&T Corporation, KIND, KDB KIAMCO, and Korea Expressway Corporation.

The project is fully financed by international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), and the Islamic Development Bank – Islamic Corporation for the Development of the Private Sector (IsDB – ICD) as global development finance institutions (DFIs), along with Atradius and SERV as European export credit agencies, ICIEC, and a consortium of commercial lenders.

To date, along with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies, and IFC of the World Bank Group, Rönesans Holding has invested more than €8 billion into projects in Türkiye and globally.

About Rönesans Holding

Rönesans Holding, the conglomerate’s leading investment entity headquartered in Ankara, is the 53rd largest international contracting company globally and one of the largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, including subsidiaries such as Ballast Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been operating as the main contractor and investor successfully for 30 years in construction, energy, healthcare, real estate development and industrial investments. Putting resilience and growth through innovation at the core of the company, with a priority on sustainability and social development, Rönesans has developed projects supporting students with scholarships, academic platforms and initiatives; been a signatory of the UN Global Compact since 2015; and a signatory of the UN Women’s Empowerment Principles since 2016.

Under the leadership of its president, Erman Ilıcak, Rönesans, along with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies, and IFC of the World Bank Group (minority shareholder in the group), has invested more than EUR8 billion into pioneering projects globally.

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