White & Case and GKC Partners advise EnerjiSA Üretim on US$102 million green financing provided by HSBC Group

Global law firm White & Case LLP and GKC Partners have advised Enerjisa Enerji Üretim A.Ş. (EnerjiSA Üretim) on the US$102 million Export Credit Agency (ECA)-backed commercial green financing provided by HSBC Group for the development of Erciyes wind power plant and solar hybrid power plants.

“This is another successful transaction in which we have advised EnerjiSA Üretim, demonstrating our expertise in energy project finance and complex multi-tranche financings, including those with ECA involvement,” said White & Case partner Sebastian Buss, who co-led the Firm’s deal team. “Our advice to EnerjiSA Üretim spanned the English, Türkiye and German law aspects of this transaction, showcasing the Firm’s strengths in cross-border financings.”

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 Üretim across Türkiye.

EnerjiSA Üretim, a joint venture between E.ON and Sabanci Holding, is one of Türkiye’s largest independent power producers with a total installed renewables capacity of 1574 MW. The company invests in the development of various power projects with a particular focus on renewable sources in the country. Erciyes WPP is an onshore wind power project located in Kayseri, Türkiye with total installed power of 65 MW.

White & Case has a professional association with Istanbul-based GKC Partners. The team which advised on the transaction was led by association partner Güniz Gökçe and partners Sebastian Buss, Ateş Turnaoğlu (all Istanbul) and Florian Degenhardt (Hamburg), with support from counsel Beate Treibmann (Hamburg) and associates Ege Güleç and Ekin Çınar (both Istanbul).

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