Clifford Chance advises lenders on the financing for the Ankara-Kırıkkale-Delice Motorway Project

Clifford Chance has advised the lenders—Akbank T.A.Ş., T.C. Ziraat Bankası A.Ş., T. İş Bankası A.Ş., and Yapı ve Kredi Bankası A.Ş. (including Yapı Kredi Azerbaijan CJSC)—on the financing of approximately EUR 1 billion provided to FNS Otoyol Yatırım ve İşletme A.Ş. for the Ankara-Kırıkkale-Delice Motorway Project. The project is being developed under the Build-Operate-Transfer (BOT) model, with Fernas Construction acting as both EPC contractor and shareholder.

The Ankara-Kırıkkale-Delice Motorway Project, with a total length of 120 kilometres, will provide a safer, faster, and more comfortable route for freight and passenger transport along Ankara’s eastern and northern corridors, and onwards to the Middle East and the Caucasus. The new motorway is expected to reduce congestion on the existing Ankara-Kırıkkale state road, while minimising fuel consumption, vehicle maintenance and repair costs, and environmental pollution.

The Clifford Chance team advising on this multi-jurisdictional financing was led by Sait Eryılmaz (Partner, Istanbul), and Nikolai Eatwell (Partner, Paris), supported by Başar Kırka (Counsel, Istanbul), Berke Avarkan (Associate, Istanbul), Aykan Karpuzcu (Associate, Istanbul), Melisa Mengü (Associate, Istanbul), Alper Eski (Trainee Lawyer, Istanbul), Ecem Nur Baki (Trainee Lawyer, Istanbul), with Sandy Hall (Partner, London) and Jonathan Forrest (Senior Associate, London) advising on EPC matters, David Neu (Partner, Munich) and Christopher Banks (Senior Associate, Munich) advising on hedging aspects.