Clifford Chance

Clifford Chance advises on the EUR 750 million financing of a 450 MW lignite-fired power plant in Tufanbeyli, Turkey

The international law firm Clifford Chance together with its associate firm Yegin Legal Consultancy advised Société Générale, London Branch as Structuring Bank and Bookrunner on the signing of a EUR 142 million commercial loan facility and a EUR 608 million loan facility backed by the Korea Trade Insurance Corporation (KSure) to finance the development and construction of a 450 megawatt lignite-fired power plant and associated lignite mine and limestone quarries, to be located near Tufanbeyli, Adana in the Republic of Turkey. The Borrower, EnerjiSA Enerji Üretim A.Ş., is sponsored by VERBUND AG and Hacı Ömer Sabancı Holding A.Ş..

Together with Société Générale, London Branch, The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Seoul Branch, Deutsche Bank AG, Hong Kong Branch, HSBC Bank plc, Natixis, Hong Kong Branch, Raiffeisen Bank International AG, UniCredit Bank Austria AG, Akbank T.A.Ş., Fortis Bank SA/NV and Erste Group Bank AG made up the lender group.

The signing continues Clifford Chance's record of advising international and domestic clients on leading project finance transactions in Turkey. Clifford Chance partner Nicholas Wong commented: "we are delighted to have been involved in this important transaction, where for the first time in the context of EnerjiSA's growing power portfolio, export credit agency cover is being provided by KSure for a principal part of the financing. By acting on the Tufanbeyli project, we have built on our market leading tradition of advising on all of the key energy projects in Turkey over the past few years".

The Clifford Chance finance team was led by Paris-based partner Nicholas Wong, who was assisted by Sohini Kar-Purkayastha, Laura Marriott, Nadezhda Varbanova, Kristin Spiekermann and Henry Yip of the Paris and Frankfurt offices.

The Yegin Legal Consultancy team comprised partner Mete Yegin and senior associate Ali Can Kolay.