BASEAK’s Banking and Finance team advised the leading Gulf-based energy company on the US$600 million syndicated project financing package arranged by the EBRD. The syndication of lenders included EBRD, IFC, Korea Exim Bank, Standard Chartered Bank, Korea Development Bank and Banque Saudi Fransi and provided a comprehensive long-term financing for the development and construction of a US$1 billion combined-cycle gas turbine power plant in Kırıkkale, Turkey. The security package for the facility is more than US$1 billion.

The state-of-the-art plant will have a capacity of 950MW and it is the largest investment in the country in recent years. It will be able to cover half the energy needs of a city the size of Ankara and will help meet Turkey’s growing demand for reliable energy. As an independent power producer, the plant will operate on a merchant basis, selling the electricity it generates on the power market.

Highlighting the EBRD's leading role in arranging financing for the project, EBRD Director for Power and Energy Nandita Parshad said: “This is a landmark transaction for many reasons: it brings together international financial institutions and commercial banks to lend on similar terms; it offers the longest tenor to date—16 years—for a power project in Turkey; it is also the first time in Turkey that an independent power producer is financed on a limited-recourse basis.”

The Client’s core business is the delivery of electricity and desalinated water and it is a developer, investor, co-owner and operator of plants with a generation portfolio of 15,731 MW of power and 2.37 million m3/day of desalinated water with an investment value of more than US$23 billion.

Istanbul partner Barlas Balcıoğlu led the team and worked closely with, Senior Associate Yasemin Zöngür, Associates Yasemin Hotan and Ali Can Gören.

About Balcıoğlu Selçuk Ardıyok Keki

Balcıoğlu Selçuk Ardıyok Keki Attorney Partnership is an Istanbul-based full service law firm with a team of 130+ lawyers and economists. Our practice focuses on a wide range of areas including real estate, corporate, mergers and acquisitions, banking, project finance, capital markets, competition and anti-trust, employment, litigation and arbitration, telecommunication, regulatory and public law and intellectual property. We represent and advise Turkish and multinational clients, including Fortune 500 companies, in the banking and finance, private equity, real estate, manufacturing, hospitality and leisure, retail, automotive, energy, information technology, life sciences, luxury fashion and beauty, and media sectors.