IFC, a member of the World Bank Group, is providing a $42m loan and investing $20m in equity along with a €30m loan from the Infrastructure Crisis Facility (ICF) debt pool.
The debt financing will be used to fund Hexagon Solid’s facilities at Pamukova and Bilecik.
Apart from the operational facility in Pamukova, Hexagon Solid also has three new plants under different stages of development in Bilecik, Soke, and Odemis in Turkey.
Once all the plants are operational, the company will collect around 211,000 tons of municipal solid waste and sell up to 425,000 tons of organomineral fertilizer per year.
A contractual basis will be established for the providing solid waste management services by the private sector in Turkey.
Hexagon Solid Waste chairman and CEO Jan Nahum said: "We produce biogas, electricity, compost and fertilizer while collecting household and animal waste.
"Our objective is to develop a systematic approach and a comprehensive business model that could be rolled out domestically and then internationally. We feel honored to be partners with IFC and ICF Debt Pool."
ICF debt pool board chairman Andy Bainbridge said: "Furthering the ICF Debt Pool’s mission, this loan to Hexagon Solid Waste will enable the completion of a pioneering waste management and fertilizer production project in Turkey for which limited commercial financing was available.
"Our loan is expected to catalyze the growth of the waste-to-fertilizer and waste-to energy sectors in Turkey by demonstrating the viability of such a business model."
