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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.

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Legal Developments in Turkey for Project finance/projects

Legal Developments in Turkey

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

  • Legal Newsletter Q4/2009

    The latest quarterly Pekin & Pekin Legal Newsletter has been published. Outlining key developments in the past three months, the newsletter is an essential source of concise information for those outside of Turkey keeping track of legislative changes. This quarter looks at the new Cheque Law, REITS, new rates of taxation and important regulatory developments in the energy and telecoms sector.
    - Pekin & Pekin

  • Proposed amendments on pending ‘Draft Turkish Banking Law’:

    Proposed amendments on pending ‘Draft Turkish Banking Law’: Is it constituting a hindrance for new comers to the market?
    - D & D Law Firm

  • INTRODUCING THE UMBRELLA ENVIRONMENTAL PERMIT: “ENVIRONMENT PERMIT AND LICENSE”

    The “Regulation on the Permits and Licenses required under the Environment Law” (Environment Permit and License Regulation), introduced in April 2009, sets forth the procedures under the Environment Law for obtaining the permits and licenses for activities listed in Annexes 1 and 2. Under this Regulation:
    - Hergüner Bilgen Özeke

  • LEASE VS. RIGHT OF CONSTRUCTION: WHICH WINS OUT IN A NEW REAL ESTATE DEVELOPMENT?

    The lease – the leading option for real property investors in Turkey – has a strong competitor these days: the right of construction. Factors such as the nature of the site, the purpose of the investment and the investment fund help investors to determine the appropriate transaction type. But apart from assessing these commercial and financial concerns, a comparison of the respective benefits of the lease agreement (right in personam) and right of construction agreement (right in rem) from a legal perspective can help in making the right investment, in the right place, with the right kind of real estate transaction.
    - Hergüner Bilgen Özeke

  • WHAT’S NEW IN THE DRAFT TRADEMARK LAW?

    Decree with Force of Law No. 556 (“Trademark Decree”), prepared and issued by the Council of Ministers in accordance with Directive 89/104 EEC of European Council and European Community Regulation (EC) No 40/94 on Trademarks, introduced the formal protection of trademarks in Turkey.
    - Hergüner Bilgen Özeke

  • MEDIATION: TURKEY ON THE VERGE OF A NEW TERRITORY?

    Since 2007, the Turkish government has been working on a mediation model for the settlement of disputes. The Draft Law on Mediation of Civil Disputes (the "Draft Law") is currently pending for the review by the justice sub-commission of the Turkish Parliament. Following the review of the sub-commission, the Draft Law will be voted on in Parliament in order to be enacted.
    - Paksoy

  • ABUSE OF DOMINANT POSITION

    Market competition is regulated in Turkey by the Competition Law enacted on 7 Decem-ber 1994. The regulatory authority is the Competition Authority and the decision-mak-ing body is the Competition Board. The Com-petition Law has three pillars: (i) agreements, decisions and practices preventing, distort-ing or restricting competition in markets for goods and services; (ii) abuse of dominance by the undertakings dominant in the market; and (iii) the control of mergers and acqui-sitions that could lead to the creation or strengthening of a dominant position.
    - Paksoy

  • TENDER OFFER RULES – TURKEY

    On 2 September 2009, the Turkish Capital Markets Board (the “CMB”) promulgated a new set of rules on tender offers relating to public companies. The new tender offer rules replaced the earlier CMB regulation on the matter, and introduced important changes on mandatory offers, terms of offers, minimum offer value, payment of consideration, voluntary offers, rules, procedures and principles to be complied with, and so on.
    - Paksoy

  • THE ENFORCEMENT PROCEDURE OF ARBITRAL AWARDS IN TURKEY

    Foreign judgments including the ones from arbitration courts or tribunals become recognizable under Turkish law via separate judgment of the Turkish Courts called ‘recognition and enforcement decisions’(in Turkish the procedure is named ‘tenfiz’). Following such decisions by Turkish Courts, the foreign judgment or arbitral award becomes enforceable in Turkey as a Turkish Court decision and any monetary debt may be collected accordingly through execution filings dependent on the execution (bailiff) offices of the Courts.
    - ADMD Law Office

  • Cash pooling in Turkey – an end to prohibition

    Slowly but surely, financial law in Turkey is moving toward global standards. Turkish banks are currently in the midst of implementing new cash pooling policies, following amendments passed last year to the foreign exchange regulations. In line with the newly legalised practice of physical pooling, Turkish companies are now able to transfer via banks cash funds abroad for investments or to conduct commercial activities through a newco, partnership or branch, allowing for the reciprocal flow of funds.
    - Pekin & Pekin

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