White & Case advises Kalyon Enerji on €249 million UKEF-backed financing of seven solar power plants

Global law firm White & Case LLP and GKC Partners have advised Kalyon Enerji Yatırımları A.Ş. on a €249 million (US$272 million) UK Export Finance (UKEF)-supported facility arranged by Standard Chartered Bank to finance the construction of solar power plants at seven separate sites across Türkiye, the second-largest solar project in the country to date, which together have the potential to produce sufficient renewable energy to supply electricity to more than 65,000 households in Türkiye annually.

“This is a landmark project that will significantly contribute to Türkiye’s sustainable energy goals,” said White & Case association partner Ateş Turnaoğlu, who co-led the Firm’s deal team.

The solar power plants are spread across the provinces of Bor-Niğde, Gaziantep and Şanlıurfa-Viranşehir and have an aggregate power generating capacity of 390 MWp.

White & Case partner Sebastian Buss, who co-led the Firm’s deal team, said: “Our involvement in this project reinforces our ongoing commitment to advancing renewable energy infrastructure. It is a privilege to work alongside Kalyon Enerji as they pave the way for a greener future in Türkiye.”

Founded in 2017, Kalyon Enerji quickly became one of the leading investors in the field of renewable energy in Türkiye, operating solar power plants with a total capacity of 1,740 MW and wind power plants with total capacity 1,220 MW. Since August 2022, 50 percent of Kalyon Enerji belongs to the International Energy Holding (IEH), a subsidiary of the International Holding Company (IHC), one of the largest investment companies in the United Arab Emirates and the Gulf Region, and the remaining 50 percent belongs to Kalyon İnşaat, which is one of the leading construction companies in Türkiye.

White & Case has a professional association with Istanbul-based GKC Partners. The team which advised on the transaction was led by association partner Ateş Turnaoğlu and partner Sebastian Buss (both Istanbul) and included partner William Watson (Dubai) and associates Can Argon, Efe Soysal and Göktuğ Yiğiter (all Istanbul) and Noren Bhulji (Dubai).

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