White & Case and Turkish affiliate GKC Partners have advised Enerjisa Enerji Uretim on a USD 102 million export credit agency-backed commercial green financing provided by the HSBC Group. Paksoy and, reportedly, Morgan Lewis advised HSBC.
The financing will be used for the development of the Erciyes wind power plant and solar hybrid power plants. Enerjisa Uretim is a joint venture between E.ON and Sabanci Holding. It is a Turkish independent power producer with a total installed renewables capacity of 1,574 megawatts. The Erciyes WPP is an onshore wind power project located in Kayseri, Turkey, with a total installed power of 65 megawatts.
According to White & Case, “the deal meets the requirements of the Green Loan Principles, established by the Loan Market Association, Asia Pacific Loan Market Association, and the Loan Syndications and Trading Association, and consists of three unsecured tranches, one of which is backed by Euler Hermes and back-to-back funded by KfW IPEX-Bank. The second financing was provided for other costs and expenses in connection with the project that are not eligible for the ECA-backed financing. The third one was extended in relation to the supply and installation of hybrid solar panels in various plants owned by Enerjisa Uretim across Turkey.”
The White & Case and GKC Partners team included Istanbul-based Partners Guniz Gokce, Sebastian Buss, and Ates Turnaoglu and Associates Ege Gulec and Ekin Cinar, as well as Hamburg-based Partner Florian Degenhardt and Counsel Beate Treibmann.
Paksoy’s team included Partner Sera Somay and Associate Batuhan Sevinc.