Clifford Chance

Clifford Chance advises on a EUR 2.1bn UKEF-covered green financing for the Republic of Turkey in connection with the Ankara-İzmir High-Speed Electric Railway Project

We have advised Credit Suisse, Standard Chartered Bank and other lenders in 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.

The Ankara-İzmir High-Speed Electric Railway Project undertaken by Turkey's ERG Group, has a total value of EUR 2.5 billion and is the UK's all time largest sustainable civil infrastructure export finance transaction to date. The project also constitutes the first sovereign direct offshore borrowing by the Republic of Turkey for the purpose of financing a railway project under an EPC+F funding model.

The EUR 2.1 billion loan will fund a 503 km high-speed electric railway between two of Turkey's largest metropolises, Ankara and İzmir. This project marks a significant step in Turkey's green transition goals to decarbonise the Turkish transport sector and meet commitments to reduce greenhouse gas emissions following the COP26 climate conference and Turkey's accession to the Paris Agreement last year.

Our team was led by partner Leonard Cleland, supported by senior associate Rebecca Shepherd and associate Lydia Morrell. Turkish law advice was provided by Istanbul partner Sait Eryılmaz and supported by associate Başar Kırka.