Background

The Project consists of the design, construction, financing, and maintenance of an integrated health campus with 1,355 beds in Bursa (Western Turkey). The campus is comprised of general practice, oncology, cardiovascular diseases, women and children, and psychiatric hospitals. The 25-year operation period follows a 3.5-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 3 million people.
Commercial Close was achieved in 2015, Financial close was achieved in April 2017 and the Project entered operations in 2019.
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 €125 million worth of preferred shares at the Turkish portfolio level which will be repaid through dividends from underlying projects. This additional financing reflects the high level of operational performance achieved by Meridiam and the liquidity of such portfolio, while accelerating distributions 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

An Environmental and Social Impact Assessment (ESIA) was carried out for the Project. This ESIA ensures compliance with the national and international regulations including conventions and treaties adopted by Turkey and applicable to the Project, EIB Statement of Environmental and Social Principles and Standards, the IFC Performance Standards (2012), the EBRD Performance Requirements (2008) and related World Bank Group Environmental, Health and Safety Guidelines. Processes and monitoring arrangements have been put in place to ensure consistent achievement of these standards.
In January 2020, the Project was awarded Gold Standard under LEED (Leadership in Energy and Environmental Design) Certification. The Project obtained the certifications for ISO 9001 Quality Management System, ISO 14001 Environmental Management System and ISO 45001 Occupational Health and Safety Management System Standards.
The Bursa Project 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.

MR awarded as “ESG Investor of the Year” at the Istanbul PPP Week organized by Istanbul Public-Private Partnership Center of Excellence (Istanbul PPPCoE).

SDG Achievements and Roadmap
SDG 3 (Good Health and Well-Being) – The Project Company is currently implementing the creation of a work and occupation area for physical medicine and rehabilitation patients and their companions. In Q4 2024, working and resting areas were established for the use of medical staff, long-term inpatients, and their companions.

SDG 4 (Quality Education) – Improvement and renovation of the existing conference center for the medical faculty students were completed in Q1 2025. In addition, in order to raise awareness of employees on safety and provide healthy working environment, screens were provided in common areas such as cafeterias and rest areas.

SDG 5 (Gender Equality) – Training will be provided to the hospital staff and visitors to raise awareness about gender-based violence, as part of the 2024 SDG Roadmap.

SDG 7 (Affordable and Clean Energy) – Following the 2021 energy audits, recommended energy efficiency measures including both energy saving processes and small works have been mostly completed for each hospital. Team is working with the Administration to reduce the energy consumption by adjusting illumination and HVAC system.

SDG 11 (Sustainable Cities and Communities) – Design and implement specific initiatives to support local communities. As such, in 2022, a conference hall (with 300 people capacity) as well as the hospital staff library were renovated.
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 by the end of Q1 2025.

> Learn more about the project from the press release