Firms To Watch: Project finance/projects

Gedik & Eraksoy advises a range of clients on project financings (including Islamic and conventional financings) across multiple sectors, including the oil and gas, power, renewables, infrastructure and telecoms industries.
With banking and finance specialist Özgün Özok at the helm, Özok Law Firm was established in January 2019 and offers solid expertise in project finance work, particularly in relation to healthcare PPP, energy and infrastructure projects.
In September 2021, Pekin Bayar Mizrahi entered into alliance with Norton Rose Fulbright, bolstering the international credentials of its project finance practice, which advises on key projects in energy and infrastructure.

Firms in the Spotlight Project finance/projects

Gedik & Eraksoy

Gedik & Eraksoy logo

Project finance/projects Our partners Hakki Gedik and Gökhan Eraksoy established Gedik & Eraksoy in November 2012. For almost a decade, Hakki and Gökhan had been equity partners at a leading local law firm, where they had set up and led a distinct practice group.

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Project finance/projects in Turkey

Bezen & Partners

As one of the longest-established projects practices, Bezen & Partners‘ team is admired for its ‘deep insight on more complicated issues‘ and is a regular fixture in the country's biggest energy and infrastructure developments. Practitioners have plenty of experience on both the transactional and regulatory sides of the practice area, and clients include a host of Turkey's leading developers, its most prominent joint ventures, and a number of international financiers. Yeşim Bezen, Banu Bölükemini and Aykut Bakırcı spearhead the department.

Practice head(s):

Yeşim Bezen; Banu Bölükemini; Aykut Bakırcı


Other key lawyers:

Murat Soylu


Testimonials

‘Always an excellent service.’

‘Banu Bölükemini is attentive and responsive.’

‘Bezen & Parners have been very helpful in providing both quick and precise descriptions of possible solutions under Turkish law on any given task and deep insight on more complicated issues and intricacies of Turkish law norms and their application.’

‘Our responsible partner was Murat Soylu. Having worked with him we can easily point out such qualities as responsiveness, problem-solving attitude, strong knowledge and experience. His expertise is well balanced and fine merged with his business mindedness.’

Key clients

European Bank for Reconstruction and Development


Akkuyu NGS Elektrik Üretim A.Ş.


Public Power Corporation S.A.


Akfen Holding


Rönesans Holding


Meridiam JV


Hitachi Zosen Inova AG


ADN PPP Sağlık Yatırım A.Ş.


İstanbul PPP Sağlık A.Ş.


PNE Wind AG and its subsidiaries


BRS Sağlık Yatırım A.Ş.


Work highlights


  • Advised the European Bank for Reconstruction and Development on granting a loan to Ankara Electricity, Gas and Bus Operations Organisation to finance the procurement of compressed natural gas buses and the installation of a CNG filling station.
  • Acting for Akkuyu NGS Elektrik Üretim on its $22bn Akkuyu nuclear power plant project.
  • Advising Rönesans Sağlık Yatırım and Meridiam Infrastructure JV on the amendment of the project agreement executed with the Ministry of Health for seven physical treatment and rehabilitation hospitals in different cities of Turkey.

Çakmak Attorney Partnership

Practitioners in Çakmak Attorney Partnership‘s projects and project finance team are ‘immensely attentive and experienced in project finance‘, routinely advising on development and funding matters at the highest level in the market. The firm has an especially strong reputation in the energy sector in which it is regularly seen at every stage of major projects, while its recent highlights have included two significant transport infrastructure developments, reflecting the breadth of the department. Clients appreciate the ‘extensive knowledge and experience‘ of Mesut Çakmak, who co-leads the team with infrastructure expert Zeynep Çakmak, and Mustafa Durakoğlu, who ‘steps in when complex issues have to resolved‘. Ayşe Eda Biçer Özen acts for both lenders and sponsors on the acquisition, development and financing of projects, and at the associate level, Nazli Başak Ayık stands out.

Practice head(s):

Mesut Çakmak; Zeynep Çakmak; Mustafa Durakoğlu


Other key lawyers:

Ayşe Eda Biçer Özen; Nazlı Başak Ayık


Testimonials

‘Çakmak provides the opportunity to work with very high skilled and business oriented lawyers. They are immensely attentive and experienced in project finance which make them a core member of the project team.’

‘Mesut Çakmak is a reliable attorney with extensive knowledge and experience in project finance in energy sector.’

‘Excellent know-how, customer approach and timing.’

‘Mustafa Durakoğlu has accompanied us for a long time, reliable, approachable, excellent knowledge.’

‘Nazlı Başak Ayık is the key contact we worked with and she is absolutely outstanding lead associate on the project taking care of most project related issues and coordinating specialist advice from other members of the Çakmak project team. Mustafa Durakoğlu always steps in when complex issues have to resolved. Mesut Çakmak contributes his vast Turkish and international experience to the project.’

‘Çakmak is the leading law firm in project finance in Turkey.’

‘Mesut Çakmak is one of the best lawyers in Turkey. Besides his deep legal knowledge and years of experience, he has an excellent personality. He is a real problem solver, offering the best possible solutions in deadlocked cases. Mustafa Durakoğlu is also great lawyer. They are always available for calls and meetings when requested, and works through all of the issues and documents on the projects.’

‘The whole team is very knowledgeable and easy to communicate with.’

Key clients

ERG Group


Turkey Wealth Fund


European Bank for Reconstruction and Development (EBRD)


Ceska Exportni Banka


Rönesans Holding


Rönesans and Sonatrach Joint Venture


Çelikler Holding


Gama Holding and Türkerler


Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Siemens Bank GmbH and Banca IMI S.p.A.


International Finance Corporation


Landesbank Baden – Württemberg and KFW IPEX – Bank


Work highlights


  • Advising ERG, a Turkish conglomerate, on the construction of the Ankara – İzmir High-Speed Rail Project.
  • Advising a joint venture of Rönesans and Sonatrach on a petrochemical project in Adana, Turkey.
  • Assisting Turkish conglomerate ERG with the financing, construction, operation and maintenance of the Ankara-Niğde Motorway Project.

CIFTCI Attorney Partnership in association with Clifford Chance

CIFTCI Attorney Partnership in association with Clifford Chance is a key player in Turkey’s international project financing market, frequently seen advising lenders and borrowers on major work covering the country’s infrastructure, energy and healthcare sectors. Lender clients include international banks such as Credit Suisse and Standard Chartered, and the firm also acts for major joint ventures in various sectors. Practice head Sait Eryılmaz is an up-and-coming figure in the market, focusing on project finance and structured finance work; senior associates Gökçe Uzun and Başar Kırka, and associate Ali Can Altıparmak are the further names to note.

Practice head(s):

Sait Eryılmaz


Other key lawyers:

Gökçe Uzun; Başar Kırka; Ali Can Altıparmak


Key clients

TAV Havalimanları Holding A.Ş.


Fraport AG Frankfurt Airport Services Worldwide


Fraport TAV Antalya Yatırım Yapım Ve İşletme A.Ş.


Credit Suisse


Standard Chartered Bank


ZiraatBank


Akbank


Yapı Kredi


Isbank


Garanti BBVA


Türkiye Sınai Kalkınma Bankası


Denizbank


FMO and Proparco


TAV Tunisie S.A. and TAV Havalimanları Holding A.Ş.


EBRD


IFC


Work highlights


  • Advising Credit Suisse, Standard Chartered Bank and other lenders on the UK’s largest sustainable civil infrastructure export financing, provided to the Republic of Turkey in connection with the Ankara-İzmir High-Speed Electric Railway Project.
  • Acting for the joint venture of airport operators TAV Havalimanları Holding and Fraport AG Frankfurt Airport Services Worldwide on a €1.2bn bridge financing for the renewal of operational rights for Antalya Airport.
  • Advising ZiraatBank, Akbank, Yapı Kredi and Isbank on the secured syndicated financing of the Aydın – Denizli Motorway Project.

Hergüner Bilgen Üçer Attorney Partnership

The ‘very hardworking, professional and dedicated team‘ at Hergüner Bilgen Üçer Attorney Partnership advises on project financing and development work for a client base of major contractors, sponsors, financiers and government bodies. The team has recently been a part of major ongoing work across a breadth of sectors, from energy and natural resources, to transport and public health infrastructure. Piraye Kuranel Başol is a key name on the financing side, while Senem Denktaş has standout experience in PPP project contracts, and Aslı Budak focuses on project developments in the transport sector. They coordinate the practice with senior figure Ümit Hergüner.

Practice head(s):

Ümit Hergüner; Senem Denktaş; Piraye Kuranel Başol; Aslı Budak


Other key lawyers:

Deniz Tuncel; Serkan Gül


Testimonials

‘They reply to queries quite swiftly and handle disputes in a professional manner.’

‘We particularly work with Serkan Gül. He is very calm under pressure and reliable.’

‘Herguner has a very hardworking, professional and dedicated team who are highly experienced at building up the dispute resolution strategy. They have a high quality of service and they are very well coordinated. They have empathy, energy and enthusiasm to work and fight for the client’s interests and needs. They are not only lawyers but also very good and collaborative teammates we always want to work with.’

‘Herguner is a law firm which makes us seriously consider not to work with other law firms any longer. Experienced, dynamic, enthusiastic, easily accessible, collaborative, solution-oriented, inquisitive. Standout partner: Piraye Kuranel Başol (banking & finance).’

Key clients

South Stream Transport B.V.


EBRD


Dubai Port World


Fraport TAV Antalya Terminal İşletmeciliği Anonim Şirketi


Export Development Canada


U.S. International Development Finance Corporation


IFC


EIB


K-Exim


K-Sure


BSTDB


DEG


Work highlights


  • Acting for South Stream Transport on the TurkStream pipeline project, a regional energy pipeline infrastructure project.
  • Advising a group of commercial banks and international financial institutions on financing the Ankara Etlik health campus project.
  • Acting for DP World Yarımca on all aspects of its container terminal project in the İzmit Gulf.

ASC Law Office

As part of its broad consultancy department, ASC Law Office has a strong offering in debt restructuring and refinancing work and in acquisition financings across the range of Turkey’s most prominent projects spheres. Its clients include international banks, other lender parties, and project owners, particularly in the renewable energy sector. A trio of lawyers jointly oversee the project financing work: Okan Beygo, one of the firm’s founding partners; Levent Yetkil, who has recent experience in high-value project finance and debt restructuring matters; and Ela Sarı.


Practice head(s):

Okan Beygo; Levent Yetkil; Ela Sarı


Other key lawyers:

Arda Coşar


Testimonials

‘I have worked with the team on a number of financings involving renewable energy projects. The team knows that sector very well, is very responsive and provides practical advice.’

‘Levent Yetkil is excellent in energy project financings. Senior associate Arda Coşar is a rising star – he is very diligent, knows the documents and applicable regulations and great to work with.’

‘The team has deep sector knowledge and has good relations with governmental authorities and regulators. These strengths make your projects much faster.’

‘Okan Beygo and Ela Sarı both are amazing lawyers. They are working like your in-house legal team. They are very responsive and really good at handling deadlock situations.’

Key clients

Standard Chartered Bank (Germany)


Bayerische Landesbank (Germany)


Gaz Depo ve Madencilik A.Ş.1


Toren Doğalgaz Depolama ve Madencilik A.Ş.


Türkiye’nin Otomobili Girişim Grubu San. ve Tic. A.Ş.


Boyabat Elektrik Üretim A.Ş.


Canadian Solar Construction S.r.l.


Universal Wind Enerji Elektrik Üretim A.Ş.


Dirkshof / EED GmnH &Co. KG


Aslancık Elektrik Üretim A.Ş.


Work highlights


  • Acting for three Turkish public banks on a $130m financing of the construction of a large multi-purpose project consisting of a shopping mall, hotel, and residential and office units.
  • Advising five of Turkey’s largest private banks involved in a $70m financing of required, periodic upgrades of the infrastructure of two Turkish electricity distribution companies.
  • Acting for German Bayerische Landesbank on a multi-million-dollar financing of the construction of a wind power plant near Istanbul.

Ergün Avukatlik Bürosu

Ergün Avukatlik Bürosu is well regarded in the energy and infrastructure sectors, acting for domestic and international players. The team is experienced in advising on big-ticket financings and first-of-its-kind matters. Clients include Turkish and foreign banks, international financial institutions, export credit agencies, and development banks, as well as sponsors and borrowers. The team is co-led by Çağdaş Evrim Ergün and Burcu Baltacıoğlu.

Practice head(s):

Çağdaş Evrim Ergün; Burcu Baltacioğlu


Key clients

ISS Tesis Yönetim Hizmetleri A.Ş.


Türkiye Kalkınma Ve Yatırım Bankası Anonim Şirketi and Economic Cooperation Organization Trade and Development Bank


Türkiye İş Bankası A.Ş.


Fernas Otoyol İşletmesi A.Ş. |Fernas İnşaat A.Ş.


RNS PPP Altyapi Ticaret A.S. |Meridiam SAS


Güriş İnşaat ve Mühendislik Anonim Sirketi |Güriş Holding Anonim Sirketi |Dumlupınar Sağlik Hizmetleri Anonim Şirketi


Ankara Etlik Hastane İşletme ve Bakım A.Ş.


Rönesans Sağlık Yatırım A.Ş.


RSM İşletme Hizmetleri Danışmanlığı Anonim Şirketi


J.P. Morgan


Work highlights


  • Advised ISS Tesis Yönetim Hizmetleri on its acquisition of Rönesans İşletme Hizmetleri Danışmanlığı.
  • Advised Fernas Otoyol İşletmesi (as borrower) and Fernas İnşaat (sponsor) on the financing of Aydın Denizli BOT Model Motorway Project.
  • Acting for Rönesans Sağlık Yatırım on the accession of the Gaziantep Health Campus PPP Project.

Esin Attorney Partnership, a Member Firm of Baker McKenzie International, a Swiss Verein

Esin Attorney Partnership, a Member Firm of Baker McKenzie International, a Swiss Verein covers the oil and gas, mining and infrastructure sectors with specialist knowledge of power generation, coal mining and PPP projects. The team provides regulatory advice and industry insight to clients in addition to covering transactional and advisory needs. Nigar Gökmen focuses on regulatory matters, project agreements, construction contracts, operation and service agreements and environmental matters. She co-heads the practice with Muhsin Keskin, who specialises in financial restructurings, acquisition finance work and debt issuances.

Practice head(s):

Nigar Gökmen; Muhsin Keskin


Testimonials

‘Muhsin Keskin is one of most intelligent lawyers in banking, finance and capital markets practice in Turkey. He is smart, business minded, responsive and has excellent legal and communication skills.’

‘We have received legal consultancy from Esin Partnership in one of the most complicated PF transactions of last year, involving both Turkish and international lenders and ECAs. They have achieved great work, the team was always available for answering our questions, they have come back to all our queries rapidly and with an exceptional work quality.’

‘The Esin team has extensive project finance experience with their specialised lawyers’ unrivalled local expertise on the ground compared to other law firms in Turkey. They also do have the experience and insight to help us navigate through new complexities and challenges we face. Another uniqueness I would add is that they can easily apply their cross-border ability to advise where and when required. Their main difference is that they very efficiently combine the “projects” expertise with the “finance” expertise and provide to-the-point consolidated advice that covers market realities for both project development and finance transactions.’

Key clients

Enerjisa Enerji Üretim A.Ş.


Ferrovial Aeropuertos España, S.A


OYAK (Turkish Military Pension Fund)


Erdemir Madencilik


Ataer Holding


Proparco


Standard Chartered Bank


ING Bank


Intesa Sanpaolo S.P.A


Yapı ve Kredi Bankası A.Ş.


Türkiye Sinai Kalkınma Bankası A.Ş.


Türkiye İş Bankası A.Ş.,


SACE S.p.A.


UKEF


Agence Française de Dévéloppement (AFD)


Anagold


Socar Turkey


RWE & Turcas Guney Elektrik Üretim A.Ş.


Alacer Gold


IC İçtaş


Çalık Enerji


Ferrovial


Work highlights


  • Advised three Turkish construction companies on their projected investment in Africa as the EPC Contractor of the Kampala-Jinja Expressway Project tendered out by the Uganda National Roads Authority.
  • Assisted joint venture Enerjisa Üretim with its procurement, installation and construction contract, and its operation and maintenance contract with Nordex Group regarding Erciyes wind farm.
  • Advised Société de Promotion et de Participation pour la Coopération Economique on a €37m term loan facility provided to Sanko Holding and Sanko Tekstil to finance the installation of 33.5MW rooftop solar panels on its factories.

GKC Partners (in professional association with White & Case)

GKC Partners (in professional association with White & Case) has been frequently involved in high-valued energy, transport and infrastructure financing matters. The team advises both international and domestic banks, as well as project owners in various fields. Güniz Gokce advises arrangers, lenders and multilateral financial institutions on complex infrastructure financing projects, and she co-leads the practice with Ateş Turnaoğlu, who is the key contact for a number of banks for project financing matters. Gökçe Uluç is ‘very strong on PPPs and project finance transactions‘, and, at the associate level, Baran Abur is the name to note.

Practice head(s):

Güniz Gökçe; Ateş Turnaoğlu


Other key lawyers:

Gökçe Uluç; Baran Abur


Testimonials

‘The team has very talented members. They are very experienced and always dedicated to satisfy the clients’ needs in the best way even they are extremely busy.’

‘Not only the mid-level lawyers but also the partners are always reachable which give great comfort to the clients.’

‘The best expression could be used for the description of GKC Team is “confidence”, their expertise, deep knowledge and embracement of the transaction always provides you with confidence as the client. They can see the bigger picture, analyse the other party very well and determine the strategy for negotiation.’

‘Gökçe Uluç: She is very strong on PPPs and project finance transactions with her broad experience on different structured projects with different sizes. Her vast experience and knowledge along with leadership skills makes her one of those who decides the strategy as if she was a part of the company.’

‘Their team works like a partner to our in-house legal team with full support on all issues.’

‘They are always reachable and they manage the crises during the negotiations in a very professional manner.’

‘Their team is well experienced, highly responsive and service-focused. They have impressive legal expertise and ability to assess complex issues and translate them into practical solutions, as well as an open-minded spirit, a problem-solving attitude and loyalty.’

‘Each team member’s dedication to projects and solution providing approach are always valuable. They are cooperative with all parties and most importantly their expertise of their field has provided important input for our projects.’

Key clients

Fernas Insaat A.Ş.


T.C. Ziraat Bankası A.Ş.


Türkiye’nin Otomobili Girişim Grubu Sanayi ve Ticaret A.Ş.


Türkiye İş Bankası A.Ş.


AIIB


Denizbank A.Ş.


EBRD


IFC


Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO)


Work highlights


  • Acted as English law counsel to Fernas İnşaat (sponsor) and Fernas Otoyol İşletmesi, the project company, in €770m financing for the construction of Aydın-Denizli Motorway.
  • Acted for AIIB, DenizBank, EBRD, IFC and FMO on the additional financing of $350m for Osmangazi Elektrik Dağıtım.
  • Advised TOGG on the transaction where Vakıfbank is providing a long-term ECA-supported loan of €58m for the financing of the investment to be made for TOGG’s domestic car factory based on the EPC contract to be signed between Durr and TOGG.

Goksu Safi Isik Attorney Partnership

Goksu Safi Isik Attorney Partnership has been at the forefront of financing for Turkey’s major public infrastructure projects and continues to advise both project owners and investors. The team’s recent slate of work has covered the petrochemicals, highways and aviation sectors, with mandates often led by practice heads Fatma Gozde Kardes and Ali Sefa Turkmen. Kardes is especially strong on the financing side, while Turkmen has experience acting in commercial, corporate and structured project finance matters in the energy sector.

Practice head(s):

Fatma Gozde Kardes; Ali Sefa Turkmen


Testimonials

‘Strong, dedicated team with great experience.’

‘Fatma Gozde Kardes is one of the best project finance partners I have worked with.’

‘The fact that this team has done most of the challenging project finance projects in Turkey. Their knowledge of the authorities, the willingness to educate and guide said authorities on grey areas and the trust they have created because of the transparency and fairness in this process makes them an invaluable asset.’

‘All the individuals are quite engaging and the code of conduct they follow means speaking to one is speaking to all.’

Key clients

Erdemir Group


North Marmara Motorway


MNG Airlines


PAK Yatırım


SASA Polyester


IC Holding


Astay Gayrimenkul


Geopol


Yeniköy Kemerkoy


Mersin Otoyol Yatırım


Macellan


CCN


Work highlights


  • Advised Sasa Polyester Sanayi on its petrochemical investment and plant in Yumurtalık and various project financings.
  • Advised İsdemir Group on four EPC contracts for infrastructure projects.
  • Advised Mersin Otoyolu on all aspects of the Cesmeli-Erdemli-Silifke- Tasucu Motorway Project including project finance work.

KILINÇ LAW & CONSULTING

KILINÇ LAW & CONSULTINGhas a great reputation and respect in project finance‘ and has a strong client base of domestic entities that includes energy companies and venture capital investment funds. On the investor side, it primarily acts for foreign parties. Levent Lezgin Kılınçhas excellent experience in project financing through various deals in different sectors‘ and he is one of three practice heads, along with Seray Özsoy Yavuz, whose experience is primarily in the energy and oil and gas sectors; and senior associate Gülenay Çapkınoğlu Kavcar, whose focus is on the transactional side.

Practice head(s):

Levent Lezgin Kılınç; Seray Özsoy Yavuz; Gülenay Çapkınoğlu Kavcar


Testimonials

‘Kilinç has a great reputation and respect in project finance practice. This was the initial reason we started working together and now we have a long-standing collaboration that we expect to continue for more years. They have excellent command in the practice area, a responsive team and their solution-oriented approach is commendable.’

‘Levent Lezgin Kilinç is the person to go to in project finance deals in Turkey. He has excellent experience in project financing through various deals in different sectors. Furthermore, his experience in working cross-border transactions stands out.’

‘Kilinç is a great law firm to go to for projects. They have assisted us with project related matters in Turkey and assisted our Turkish companies in Kuwait with project related disputes in Kuwait. They are helpful in bridging the legal and cultural gap between Turkish and Kuwait legal systems. They explain matters to clients fully and make sure the client understands the legal situation involved.’

‘They are working with tight deadlines with high level of quality. Each teams member has wide knowledge in their specialisation. In addition, senior associates and partners have knowledge in each legal area. When we have a legal matter, one person can help us in general and direct us to the related departments. All members in the team are kind, helpful and professional.’

‘The team in Kilinç Law & Consulting is extremely prominent in the project finance practice area through their joint expertise in M&A, banking and finance, and energy sectors. Their solution-oriented approach and excellent guidance in the energy sector stand out once compared to other law firms. Furthermore, their commercial awareness is an extremely important asset for our operations since they regard themselves and act as if they are a part of our own commercial team rather than an external counsel.’

‘Levent Lezgin Kilinç and Seray Özsoy Yavuz are extremely prominent project finance lawyers with excellent command in the sector and particular experience in project financing energy deals.’

Key clients

SOCAR Turkey Company Group


PETKİM Petrokimya Holding A.Ş.


TANAP (Trans Anatolian Natural Gas Pipeline)


STAR Rafineri A.Ş.


Turkish Airlines Flight Academy (TAFA)


PASHA GROUP


DOKA Kalıp İskele Sanayi Ve Ticaret A.Ş.


BOR Şeker Anonim Şirketi


KIZILAY Group Companies


Arz Venture Capital Investment Fund


NEF


RMA Group


Resistanbul Enerji Anonim Şirketi


Work highlights


  • Advised an energy company on the receipt of an Insurance and Trade Loan Credit for a maximum of $800m.
  • Advised on the establishment of a joint venture between two major energy companies.
  • Advised a construction company on a $1bn asset transfer and restructuring.

Kolcuoglu Demirkan Koçakli

Kolcuoglu Demirkan Koçakli fields an energy and infrastructure practice that assists with local and international projects, including PPPs, where it has notable expertise and experience. Matters range from contracts and deal structuring work, to regulatory and administrative law matters, and the team is led jointly by founder and managing partner Umut Kolcuoğlu and Okan Demirkan, who is a specialist in energy, public procurement and infrastructure work. Serhan Koçaklı has a strong real estate, corporate and commercial practice, while senior associate Büşra Özden is also heavily involved in this area.

Practice head(s):

Umut Kolcuoğlu; Okan Demirkan


Other key lawyers:

Serhan Koçaklı; Büşra Özden


Key clients

Bozzetto Group


Alsim Alarko


Huntsman


Samsung C&T


Ema Kimya


Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG)


DM İnşaat


IHI Corporation


Mitsubishi Heavy Industries


Yu Group


Work highlights


  • Advised Alsim Alarko on the Kabatas-Mecidiyekoy-Mahmutbey metro line project.
  • Advised Ema Kimya on securing land rights as well as drafting and negotiating FIDIC contracts for the reconstruction of its polyurethane production facility in Istanbul.
  • Advised Bozzetto Group on the drafting of a FIDIC Green Book Short Form contract regarding an industrial facility to be developed in Izmir.

Paksoy

Sera Somay is the main contact at Paksoy when it comes to project financing work. Her department handles the funding for projects in the power, mining, transport and healthcare sectors, acting for international banks and financial institutions. Somay works closely with the firm’s lawyers in broader areas of both financing and corporate law, and the firm has recently had an increased focus on highly structured finance deals that encompass contractual law and regulatory elements.

Practice head(s):

Sera Somay


Key clients

Deutsche Bank


European Bank for Reconstruction and Development (EBRD)


HSBC


PV Hardware


Zorlu Group


Work highlights


  • Advised Deutsche Bank on the financing provided to Turkey’s state-owned crude oil and natural gas pipelines and trading company BOTAŞ for its future purchases of Liquefied Natural Gas (LNG).
  • Advised Turkish multinational conglomerate Zorlu Group on the project financing of Osmangazi Power Distribution (OEDAŞ), an electric distribution company operating in five cities in Turkey.
  • Advised PV Hardware Solutions on contract, tax, corporate, regulatory, and employment matters in connection with the Karapınar Renewable Energy Resource Zone Project.

Akol Law

Akol Law assists an international client base of banks and financial institutions with financing and refinancing work across various areas, from the telecoms and e-commerce industries, to the energy and natural resources sectors. Following the departures of Ömer Gökhan Özmen, Güneş Yalçın and Damla Keskin Şerbetcioğlu, who left to found ÖzmenYalçin, the practice is now co-led by the vastly experienced Meltem Akol and Tuğçe Tatari, who focuses on transactional finance matters.

Practice head(s):

Meltem Akol; Tuğçe Tatari


Other key lawyers:

Onur Küçük


Key clients

Ak Yatırım


Denizbank


EBRD


Halkbank


İş Bank


Morgan Stanley


TKYB


TSKB


Vakıfbank


Yapı Kredi Bank


Balcioglu Selçuk Ardiyok Keki

The broad financing expertise and market recognition of Balcioglu Selçuk Ardiyok Keki lends itself to a strong practice in project finance, where the firm acts for numerous international banks and financial institutions. One of the department’s particular strengths is in unsecured interbank loan facilities. The team is managed by Barlas Balcioğlu, Burcu Boso and Günhan Yalçın and the senior associate contacts to note are Ceyda Aydın and Ceren Akkur Bayram.

Practice head(s):

Barlas Balcıoğlu; Günhan Yalçın; Burcu Boso


Other key lawyers:

Ceyda Aydın; Ceren Akkur Bayram


Key clients

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO)


Sunrise Foods International Inc.


Tiryaki Agro Gıda ve Sanayi Ticaret A.Ş.


Tiryaki Holding A.Ş.


Bank of America Europe DAC


Mizuho Bank, Ltd.


Emirates NBD Capital


UNICREDIT SPA


Yapı ve Kredi Bankası A.Ş.


Oesterreichische Entwicklungsbank AG


Aareal Bank AG


Credit Europe Bank N.V.


Sberbank (Switzerland) AG


Kiva Capital Management, LLC


REYL & Cie SA


HSBC Bank A.Ş.


Hedef Araç Kiralama ve Servis A.Ş.


Göltaş Enerji Elektrik Üretim A.Ş.


HSBC Bank plc and HSBC Bank Middle East Limited


AK Bars Bank, PAO


ODDO BHF Aktiengesellschaft


Black Sea Trade and Development Bank


Zürcher Kantonalbank (ZKB)


Boden Law

Energy, real estate, infrastructure and technology companies, as well as financial institutions, are among those that look to Boden Law for advice in the projects arena. Transactional matters are a particular strength for the team, which is jointly spearheaded by Değer Boden, Sinem Mermer and İnanç Akalın.

Practice head(s):

Değer Boden; Sinem Mermer; İnanç Akalın


Other key lawyers:

Menekşe Ankaralı


Key clients

Aksa Doğalgaz (Aksa Naturelgas)


Talesun Solar Switzerland AG


Sanko


Gildemeister Energy Solutions


Borusan


Steag


Aksa Enerji


Kolin


Engie


Gunvor SA


Work highlights


  • Advised a European energy trader client on fuel purchase financing transactions and its security packages on floating fuel to be stored in two different storage facilities in Turkey.
  • Assisted a Chinese solar panel manufacturer with its exit from a $64m solar power investment in Turkey.
  • Advising a Turkish client on its EPC contract and its financing regarding a natural gas fired power plant in Uzbekistan.

DURUKAN+PARTNERS

DURUKAN+PARTNERS‘ activity in project financing dovetails with its real estate and M&A departments in advising across various issues relating to energy and infrastructure projects. Begum Durukan Ozaydin is a senior figure in the market with vast and varied experience; she leads the practice alongside Hikmet Fadillioğlu, who has a corporate and commercial focus.

Practice head(s):

Begum Durukan Ozaydin; Hikmet Fadillioğlu


Testimonials

‘Durukan Partners has a very efficient, knowledgeable and responsive team with attention to detail.’

‘Begum Durukan Ozaydin is a pioneer in her field, who understands what we are seeking and the way we do business. We have worked with her in matters relating to the financing and operation of our power projects for decades and she has always provided consistent, reliable, solid, timely and practical advice. She has an hands on approach in transactions and proactively takes over the responsibility of completing the legal side of the transactions without need for specific instructions.’

Key clients

China Development Bank


GSW Forward Pte. Ltd.


Emaar Libadiye, Emaar Properties


Ansaldo Energia SpA


Apple Inc.


Work highlights


  • Advised Emaar, as borrower, on the $500m project finance facility regarding its Emaar Square Project.
  • Acted for Power Engineers on the settlement of a payment issue with Zorlu, as the developer of the Kizildere II geothermal power project.
  • Advised Enka Power Projects on legal issues regarding the operation of its Gebze, Izmir, Adapazari gas fired power projects.

Erdem & Erdem Law Office

Erdem & Erdem Law Office assists credit providers, sponsors, joint venture partners and contractors with a range of power and infrastructure project types. Airport and port operation mandates are both strong areas for the practice. Senior partner Ercüment Erdem and experienced project financing professional Özgür Kocabaşoğlu are the main contacts and are supported by managing associate Didem Adlığ, who joined from an in-house role in February 2022.

Practice head(s):

Ercüment Erdem; Özgür Kocabaşoğlu


Other key lawyers:

Didem Adlığ


Key clients

Qazaq Soda LLP


Yılport Holding


Türkiye Şişe ve Cam Fabrikaları A.Ş.


Deutsche Bank A.Ş


Çolakoğlu Metalurji A.Ş.


IC Holding


Yılport Terminal Operation Ecuador


Work highlights


  • Advising Qazaq Soda on a greenfield soda ash plant project, from tender phase to preparing EPC contracts and project finance stages.
  • Advising Yılport Holding – Çolakoğlu Metalurji Consortium on the tender phase, EPC and definitive agreements drafting stages.

Lexist Law Firm

Lexist Law Firm has a strong recent history advising on energy, real estate and transport infrastructure projects, at both the financing and development stages. The group has experience in PPPs and privatisation projects, and its presence in Ankara, as well as Istanbul, means it has proximity to government offices relevant to the regulatory side of matters. The practice is led jointly by Eyüp Kul and Murat Erbilen, with Mesut Kaya, who was recently promoted to partner, also regularly involved in the full range of issues.

Practice head(s):

Eyüp Kul; Murat Erbilen


Other key lawyers:

Mesut Kaya


Testimonials

‘Strong team.’

‘We can take any work to Lexist – construction, energy, licensing, governmental affairs, finance. It is a useful quality in a law firm.’

‘We work with Murat Erbilen (great lawyer who can advise on many subjects) and Mesut Kaya (always on top of things and very reliable).’

‘The team can provide commercially sensitive advice.’

‘Murat Erbilen knows his sectors very well and drives his team to exceed expectations.’

‘We like to use Lexist because of the partners Eyüp Kul and Murat Erbilen. Their expertise is unique in Turkey. Lexist gets the job done every time. Mesut Kaya is an outstanding young lawyer too.’

‘All-round sector expertise. Strategic thinking. Always available. On budget and on time.’

Key clients

Turkish Privatization Directorate


Work highlights


  • Advising a client on wind turbine projects.
  • Advising a real estate developer on the development of the regional mega-project Istanbul Financial Centre (IFC).

ÖzmenYalçin

In March 2022, Ömer Gökhan Özmen and Güneş Yalçın founded ÖzmenYalçin after leaving their previous firm Akol Law. They both have considerable experience in project finance, project and energy matters and co-lead the new firm’s offering in that area. Drawing on over ten years of experience acting in some of the market’s foremost deals, the team advises a host of domestic and international banks and financial institutions, as well as project owners across various sectors. Support comes from counsel Damla Keskin Şerbetcioğlu.

Practice head(s):

Ömer Gökhan Özmen; Güneş Yalçın


Other key lawyers:

Damla Keskin Şerbetcioğlu


Key clients

Adnan Polat Enerji Yatırımı A.Ş.


Türkiye Sınai Kalkınma Bankası A.Ş.


Yapı ve Kredi Bankası A.Ş.


T. Halk Bankası A.Ş.


T. İş Bankası A.Ş.


Denizbank A.Ş.


T. Garanti Bankası A.Ş.


T. Vakıflar Bankası T.A.O.


T.C. Ziraat Bankası A.Ş.


Odeabank A.Ş.


Systemair HSK Havalandırma Endüstri San. ve Tic. A.Ş.


GazpromBank


Biotrend Çevre ve Enerji Yatırımları A.Ş.


Kıvanç Tekstil


Bali Rüzgar


Work highlights


  • Advising Adnan Polat Enerji Yatırımı as borrower on a refinancing by a syndication of banks of project financings of 4 SPVs of Polat Enerji.
  • Assisted TSKB with an ECA-backed project financing (full financing & security package) provided for 30MW Yakaağzı WPP Project in Ağrı to Knot Enerji Elektrik Üretimi.
  • Assisted Biotrend Çevre and its subsidiary Mersin Elektrik with its sale and supply agreement with ITI Engineering and ITI Turkey Mühendislik, regarding Mersin Elektrik’s Biomass Power Plant, in Ezine.

Tunc Firat Dereli Attorney Partnership

Tunc Firat Dereli Attorney Partnership‘s team is well-versed in cross-border and multi-currency financings, structured finance work and restructurings, as well as asset financings across transport projects, and energy and infrastructure matters. The team acts for banks, other investors and project owners, and has recently been particularly active in mining and nuclear power projects. Zeynel Tunç and Nazlı Dereli Oba are the key contacts; they lead the department, supported by senior associate Bengü Coşkun.

Practice head(s):

Zeynel Tunç; Nazlı Dereli Oba


Other key lawyers:

Bengü Coşkun


Key clients

Karadeniz Holding


Akfen Holding


Akfen Renewables


Acacia Mining


T.C. Vakıflar Bank


Alba Mühendislik Müşavirlik İnşaat A.Ş.


Garanti Koza Inşaat Sanayi Ve Ticaret A.Ş


Alcas Metal Sanayi A.Ş


Albioma Geothermal


Gümüşköy Geothermal


Albioma S.A.


TWL Holding Limited


Çalık Energy


Tekfen Construction


Power Europe Srl


Work highlights


  • Advised General Electric entities on the negotiation and execution of the $890m financial restructuring of Gama Group.
  • Advised Acacia Mining Operations on the restructuring of the $120m senior facility provided by BNP Paribas, ING and Société General.
  • Advised Albioma Geothermal on a $50m project loan agreement extended by TSKB for the financing of its geothermal power plant project.

Yazici Attorney Partnership

The ‘powerful team of lawyers‘ at Yazici Attorney Partnership acts on a range of projects matters, with particular focus on financings for bank clients. The team is also adept at advising Turkish clients on project matters abroad. The team are present in both Ankara and Istanbul, offering proximity to the country’s regulatory and commercial hubs, respectively. Kerem Arıç in Ankara and Ayşe Yazıcı Adanır in Istanbul jointly coordinate the practice, with corporate partner Murat Yazici and 2022 partner appointment Ceren Ak Güngör being further names to note.

Practice head(s):

Kerem Arıç; Ayşe Yazıcı Adanır


Other key lawyers:

Murat Yazıcı; Ceren Ak Güngör


Testimonials

‘Yazici has been providing a very comprehensive legal assistance to our project comprising drafting and negotiation of contracts for design, international procurement and transport, installation, as well as start-up and testing, and investment planning. Yazici’s well-settled experience in the field of project finance, contract drafting and negotiation and extensive knowledge in the industry has provided ease in terms of coping with the complex nature of the project. It is of great importance to be able to deal with all of the aspects of a project, and Yazici is outstandingly and remarkably successful in covering all aspects of a project with their powerful team of lawyers.’

‘Ceren Ak Güngör is specialized in the drafting and negotiation of contracts of construction, installation, sales (also international, under CISG), and many other subjects. It is of great importance to be able to negotiate various contracts in such a complex project, and serve for the benefit of both the company and the project.’

Key clients

BNP Paribas SA, Societe Generale, London Branch and ING European Financial Services PLC.


SOCAR – AQS Sondaj Mühendislik Sanayi ve Ticaret A.Ş.


Aviagen Anadolu Ana Damızlık Tavukçuluk Sanayi ve Ticaret A.Ş.


UK Oil and Gas


AGE Enerji Üretim A.Ş.


Marsa Turkey B.V.


Akdaş Döküm Sanayi ve Ticaret A.Ş.


Taq Taq Operating Company Limited


BTA Havalimanları Yiyecek ve İçecek Hizmetleri A.Ş.


Ermaş Madencilik


Work highlights


  • Advised a consortium of banks led by BNP Paribas on the facility documents, drafting and negotiation of the security agreements for the development of a mining project.
  • Assisted SOCAR – AQS Sondaj Mühendislik with the subcontract for an industrial construction project.
  • Advised Aviagen Anadolu Ana Damızlık Tavukçuluk on an engineering, procurement and installation contract with respect to four broiler grandparent houses.