Turkey > Project finance/projects > Project finance/projects
Project finance/projects
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Akol Avukatlik Bürosu has seen a lot of activity in major energy projects. Highlights include advising EnerjiSA Enerji Ureti on the €865 million financing for the development and construction of a 1.9GW power portfolio in Turkey. The firm also acted for VA TECH Finance as arranger in the €1.28bn financing of the Ilisu Dam and Hydroelectric Power Plant Project. Isil Okten is recommended.
Birsel Law Offices’ managing partner Arzu Aksac Yesilirmak and partner Begum Durukan Ozaydin are both extremely well regarded for project finance. The firm is active on the lender side, where it regularly advises international banks across a range of infrastructure and energy projects.
Mesut Çakmak of Çakmak Avukatlik Bürosu is one of the best-known project finance lawyers in the market, and his firm’s strong position is enhanced by its relationship with White & Case Müsavirlik Ltd. Sirketi. The firm’s expertise covers contentious and non-contentious matters, and it is experienced on all finance, construction, development and contractual issues. Partners Mehtap Yildirim Öztürk, Zeynep Çakmak and Sebnem Önder are also recommended.
Güner Law Office’s close relationship with Denton Wilde Sapte ensures a steady stream of work in energy and natural resources. Recent high profile projects include advising on a joint venture to set up a €500m, 890MW natural gas fuelled power plant in Samsun, Turkey. The firm also advised an international client on a $1.5bn residential development project in Istanbul.
Ümit Hergüner, Ender Özeke and Kemal Mamak at Hergüner Bilgen Özeke are all very highly rated. The firm acts across a range of sectors, including telecoms, infrastructure and energy, both for sponsors and for lenders.
Paksoy has been busy advising on energy projects, both for lenders and sponsors. Recent highlights include acting for ABN AMRO and Yapi Kredi Bank on the €300 million financing for the operation and construction of a new airport facility at Sabiha Gokcen, Istanbul. The firm also representedIsBank and Yapi Kredi Bank on the $345 million financing of Içdas thermic power plant. Serdar Paksoy highly recommended.
Pekin & Pekin has a superb track record advising lenders on project finance transactions across the full range of sectors. A recent highlight was advising ABN AMRO and Bayerische Hypo-und Vereinsbank on the $755m project financing for the privatisation of Mersin Port. Fethi Pekin and Ahmed Pekin are both very highly respected by the major banks.
Gulistan Baltaci heads the team at Ersoy Bilgehan Lawyers & Consultants, whose expertise is not confined to Turkey, as it recently advised a Turkish construction group on three multi-billion dollar development projects in Nigeria. The firm also has a superb track record advising clients on major infrastructure and transport projects.
Eryurekli Law Office regularly advises lenders and sponsors on a range of projects, especially in telecoms, airports and tourism. Name partner Murat Eryurekli is recommended.
Özel & Özel has good expertise on energy and real estate related developments and also regularly advises the lenders. Recently the firm advised Hypo Real Estate Bank International on the financing of a Multi Turk Mall in Anatolia.
Sefika Pekin is recommended at Pekin & Bayar Law Firm, which advises lenders and sponsors across a range of sectors including energy and telecoms. A recent highlight was advising Apollo Real Estate and Multi Development, on their joint acquisition of a major plot of land in Istanbul from Carrefour, which will be used for the construction of Turkey’s largest shopping mall.
All three of Reisoglu-Ensari-Dogrul’s name partners, Seza Reisoglu, Bulent Ensari and Sefa Dogrul, have good projects experience. Reisoglu and Ensari are recommended for energy and mining, while Dogrul specialises in land development. The firm is also recommended for projects-related disputes.
The energy sector is a major focus for Senguler & Senguler, which has been advising a petroleum company on a multi-million dollar gas project in the Thrace region of Turkey. It is also advising another client on its multi-million Euro oil and gas exploration in Turkey.
ADMD Law Office acts for several real estate development firms on major projects. The firm is also experienced in communications and renewable energy projects.
Erim Bener and Onur Kordul of Bener Law Office are both very experienced project finance lawyers. The firm has an active construction and real estate team that recently advised Kuwait Finance House on several real estate development projects. It also acted for the World Bank and IFC on the $339m financing of a hydroelectric power plant.
Bezen & Partners is recommended for major infrastructure and energy projects and recently advised a foreign subcontractor on the design and installation of a telecoms system for the $4.1bn Mamaray project. Serdar Bezen is recommended.
Bircanoglu Attorneys at Law is experienced in advising foreign and domestic investors and developers on project finance in Turkey.
Cerrahoglu Law Firm is recommended for its projects and development expertise, especially in real estate and energy.
Partners Devrim Çukur and Irem Soyman of Cukur & Yilmaz are recommended for project finance. Recent highlights include advising a Scandinavian real estate company on a multi-million dollar holiday home development and the related zoning disputes.
Finance partner Serkan Ictem is recommended for projects work at ELIG, Attorneys-at-Law, which recently advised Eren Holding and Eren Enerji on the financing of a 600mw thermal power plant.
Inal Law Office advised a Turkish construction company on the financing of a $650m sports complex and stadium. Seyma Inal has a strong reputation for projects work.
Moroglu Arseven Ozdemir’s clients include several real estate developers, which it is advising on the financing and development of a major residential housing project, a shopping centre development and a hotel construction project. Seyfi Moroglu is recommended.
Özkan Law Office acts for several mining companies on their investments and developments in Turkey. It also acted for a Lebanese company on the establishment of a solid waste management and disposal plant.
Serap Zuvin Law Offices is experienced in project finance, particularly on the energy side.
Taboglu & Demirhan is well regarded for its energy work and recently advised Nordex on the Yuntdag Wind Generation Project, which it is doing in cooperation with Dost Enerji. The firm will, however, miss former name partner Elif Ates, who recently left the law.
Press releases
Legal Developments in Turkey
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Medical Malpractice:Critique of the Turkish and American Approaches to Awarding Non-Economic Damages
When a doctor makes an error in your treatment, what legal compensation will be available? This is the central question in current medical malpractice litigation, one that is not easily answerable and that depends largely on the country in which you live. In the United States the past several decades have seen a rise in the number of medical malpractice suits, and escalating insurance premiums for healthcare providers amidst continued reports of medical error. In recent years the increase in medical malpractice litigation has been coupled with larger non-economic damage awards, reflecting concerns with maintaining quality care and holding healthcare professionals to acceptable standards of conduct. At the same time, such high awards have led state legislatures nationwide to respond with statutory limits on punitive and non-economic medical malpractice damages, in part due to concern that the risk of prohibitive legal expenses will drive competent, needed doctors out of the profession. -
WARRANTS
The Capital Markets Board of Turkey (the “CMB”) published a new communiqué regulating the principles regarding purchase and sale of warrants and the registration of the same with the CMB. By means of the said Communiqué, the CMB aims at introducing a new capital market instrument allowing trade of warrants in regulated exchanges. The CMB also aims at sustaining a more liquid and active market. -
Getting the Deal Through: Real Estate
The Turkish legal system is a civil code system. Parties may obtain an injunction from the courts upon depositing sufficient collateral, but the injunction can be lifted during the hearings upon a reasonable claim from a counterparty. Following the establishment of an injunction over real estate, such real estate cannot be transferred until the lawsuit is concluded or the injunction lifted. Parties are theoretically free to enter into oral contracts; however, evidence of such relationship may be difficult to establish before the courts since the rule of written evidence is applicable under Turkish Civil Procedure Code and therefore, oral contracts are not practical. Moreover, in certain situations, execution of a written contract is a legal requirement such as in real estate sales. -
Public Disclosures
The Capital Markets Board of Turkey (the “CMB”) repealed its communiqué relating to public disclosure of certain events relating to publicly traded companies and replaced it with two new communiqués. -
Regulatory Developments in the Turkish Real Estate Market
This article contains information on the latest regulatory developments in the Turkish real estate market, in such areas as public tenders and real estate investment trusts. In particular, we wish to bring you up to date on developments that have occurred between December 2008 and March 2009. -
MARKET SHARE THRESHOLD UNDER THE COMMUNIQUE ON BLOCK EXEMPTION REGARDING VERTICAL AGREEMENTS
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NON-COMPETITION CLAUSES UNDER TURKISH COMPETITION JURISPRUDENCE
Any concentration between the parties may also include certain restrictions. Especially, restrictions are imposed on the vendor if the vendor has substantial know-how, customer portfolio and distribution network in the market and the purchaser is new to the market in question. In such situations, non-compete and non-solicitation clauses, restrictions on intellectual property rights and supply and purchase agreements may be imposed on the vendor in order to protect the business and the goodwill of such business acquired by the purchaser. Such restrictions are generally defined as “ancillary restrictions” under competition legislation. Under normal circumstances they would be considered as restricting competition in the market; however, in case of implementation of a concentration, they are not considered as anti-competitive but necessary if the scope, duration and the geographical area of such restrictions do not exceed what the implementation of the concentration reasonably requires. -
INSURANCE LAW IN TURKEY
In parallel with the rapid growth in the Turkish insurance sector, there have been major changes to the Turkish insurance legislation in the last few years. The Insurance Supervision Law which regulated insurance activities for 47 years has been replaced with Insurance Law No. 5684 (the Insurance Law ) in 3 June 2007. In addition to the Insurance Law, there are specific pieces of legislation regulating the activities of individual professions in insurance industry (e.g. brokers, loss adjusters, etc.) and different types of insurance (e.g. life insurance, reinsurance, etc.). -
DEBT RESTRUCTURING: THE WAY FORWARD IN TURKEY
The Turkish economy entered into a financial crisis in November 2000 and in February 2001 the crisis peaked and triggered a collapse in the value of the Turkish Lira. Over a few days, the Turkish Lira lost more than 40 percent of its value against the major trading currencies and interest rates rose spectacularly overnight. As result of this crisis a significant number of Turkish companies became bankrupt. -
DEVELOPMENTS IN TURKISH INSOLVENCY LAW
The law governing Turkish Insolvency procedures known as the Execution and Bankruptcy Law (the EBL ) ( Icra Iflas Kanunu ) has in previous years been amended twice and has introduced new procedures for ailing companies. In this article, we will take a look at these procedures.
Press releases
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Agrofert Successful in Law Suit against PKN Orlen
PRAGUE (30 June 2009) – The Arbitration court in Prague has decided in favour of company Agrofert Holding (“Agrofert”) in its claim against Polish company Polski Koncern Naftowy Orlen (“PKN Orlen”). The Polish company has to pay, on the basis of decision of the arbiters, a contractual penalty which exceeds EUR 77.2 million (over 2 billion CZK) with accessories. -
UBS CHF 3.8bn share placement
On June 25, 2009, UBS AG (SIX: UBSN) announced that it is offering 293,258,050 newly issued shares from authorized capital to a small number of institutional investors at a price of CHF 13.00 per share. After deducting cast associated with the placement, the amount of new equity capital expected to be raised is approximately CHF 3.8 billion. -
DWS reprises advisory role for MENA Infrastructure fund's investment in Oman's power sector
Denton Wilde Sapte continues to act as legal advisor for MENA Infrastructure Fund, picking up an instruction to advise on its second investment, in which it has taken 32.8% of the shareholding in Oman's United Power Company SAOG (UPC). -
Three partner admissions at Carey Olsen in Jersey
Carey Olsen is strengthening its corporate, finance and fiduciary teams in Jersey by admitting three partners to these key practice areas. -
Penningtons celebrates SRA and Farriers Registration Council tender wins
Penningtons Solicitors LLP's professional regulation group is celebrating two key appointments with the news that it has been successful in tenders to advise both the Solicitors Regulation Authority (SRA) and The Farriers Registration Council. -
Penningtons advises on Trans-Siberian Express luxury travel deal
Penningtons Solicitors LLP has advised international tour operator Australian Pacific Touring (UK) Limited on its purchase of a majority share in GW Travel Limited, the market-leader in long-distance luxury rail tours. GW Travel's flagship holidays are trips on the world-famous Trans-Siberian Express. -
Penningtons trainee encourages young Londoners to choose a career in law
Catherine McCann, a trainee solicitor at Penningtons Solicitors LLP's City office, has been invited to contribute to a new guide published by the London Chamber of Commerce & Industry to help young people consider the many types of jobs available in the capital. -
BAKER & MCKENZIE ADVISES FIBERWEB ON JOINT VENTURE WITH PETROPAR
London/Chicago/Sao Paolo, 26 June 2009 - Baker & McKenzie has advised Fiberweb plc on its proposed joint venture with Petropar S.A. The 50/50 joint venture, which will be named FitesaFiberweb, is intended to create the second largest producer of spunbond and non woven fabrics in North and South America. Completion of the transaction is subject to the approval of both Fiberweb and Petropar shareholders. -
Salans awarded Best European Law Firm
Salans has been awarded a Special Distinction in the Best European Law Firm award category at the 2009 International Legal Alliance Summit & Awards (“ILASA”). -
unit specialising in transaction and financing consultancy
HERMANN Rechtsanwälte Wirtschaftsprüfer Steuerberater and the Munich-based team at Grub Brugger join forces: Joint establishment of a unit specialising in transaction and financing consultancy