Background

The Project consists of the design, construction, financing, and maintenance of an integrated health campus with 1,595 beds in Adana (Eastern Turkey). The campus is comprised of general practice, oncology, cardiovascular diseases, women and children, physical medicine, and psychiatric hospitals. The 25-year operation period followed a 3-year construction period. The Project provides efficient access to a full range of high-quality healthcare in a single location to a population of about 2.3 million people.
In 2013, the Meridiam-led consortium incorporated ADN PPP Sağlik Yatirim Anonim Şirketi (Project Company) and achieved Commercial Close. In March 2019, 10% of shares owned by SILA/TTT were acquired by Meridiam (5%) and Rönesans (5%). Meridiam now holds 45% shareholding of the Project company.
Considering the operational maturity of its hospital projects, Meridiam was successful in creating a secondary market for such assets in Turkey and benchmarking the risk premium for such assets by raising €125m worth of preferred shares at the Turkish portfolio level, which will be repaid through the dividends flow from underlying projects. This additional financing reflects the high level of operational performance achieved by Meridiam and the liquidity of such portfolio, while accelerating distribution for MIEE investors. This secondary financing is certified as a Sustainable (Green & Social) Loan of Advanced level (the highest possible) by V.E Moody’s.

Stage:

In Operation

ESG/SDG Key Facts

The Project continues to comply with the EBRD Performance Requirements, the IFC Performance Standards, and with the Project Company’s Environmental and Social Action Plan (ESAP).
The Project was awarded LEED (Leadership in Energy and Environmental Design) Gold Standard certification. The Project is certified with ISO 9001 Quality Management System, ISO 14001 Environmental Management System, ISO 45001 Occupational Health and Safety System Standards.
Adana’s ESG performance has been rated ‘Advanced’, the highest possible rating of the ESG performance assessment scale, by V.E Moody’s, a global leader in ESG research.
The hospital was certified stage 6 (out of 7) by the Healthcare Information and Management Systems Society. MR awarded as “ESG Investor of the Year” at the Istanbul PPP Week organized by Istanbul Public-Private Partnership Center of Excellence (Istanbul PPPCoE).
MIGA E&S responsibles made their final portfolio visits to Adana and Gaziantep in October 2024. Conducted successfully and no issue reported us by MIGA following the visits.

All SDGs

The SDG Roadmap development for the contribution of the hospital to the UNSDGs was completed in February
2024.
In addition, the development of a decarbonisation plan is included in 2024 business plan. The decarbonisation plan includes a carbon footprint assessment, benchmark study and measurable decarbonisation targets. The plan was finalised in Q4 2024 and a revised version incorporating implementation measures was completed in Q1 2025.

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