Polat Enerji Secures Financing for Wind-Solar-Battery Projects
Deal News | Jan 27, 2025 | CEE Legal Matters
GKC Partners, a Turkish affiliate of White & Case, has successfully advised a consortium of lenders comprising Turkiye Is Bankasi, EBRD, Garanti BBVA, and TSKB in extending financial support to Polat Enerji. The consortium has facilitated a significant project financing deal involving a USD 70 million cash facility and a EUR 14.87 million letter of guarantee facility. These financial resources will be directed towards Polat Enerji's development of an expansive renewable energy project in Turkey, including the enhancement of three wind power plants with 30.8 megawatts capacity expansion, alongside the construction of a hybrid solar power plant boasting a 46.6 megawatts capacity and a 10.0 megawatt-hour battery storage system. This undertaking underlines Turkey's commitment to leveraging renewable energy, with Polat Enerji jointly owned by Polat Holding and Is Enerji. The GKC Partners team, led by Managing Partner Guniz Gokce and including key figures such as Partners Sebastian Buss and Ates Turnaoglu, has been instrumental in steering this significant financing deal.
Sectors
- Renewable Energy
- Legal Services
- Finance
Geography
- Turkey – The entire project and the financing arrangement are based in Turkey, presenting a significant development in the region's renewable energy sector.
Industry
- Renewable Energy – The article is centered around the financing of renewable energy projects in Turkey, specifically wind, solar, and battery storage solutions.
- Legal Services – GKC Partners, a law firm, is advising on the legal aspects of the financing deal, indicating the involvement of legal services.
- Finance – The participation of multiple financial institutions in providing project financing underlines the importance of the finance sector in this transaction.
Financials
- USD 70 million – The cash facility amount provided for the project.
- EUR 14.87 million – The letter of guarantee facility amount provided for the project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Polat Enerji | Target Company | Company | Polat Enerji is the company receiving the project financing for expanding renewable energy capacity in Turkey. |
| GKC Partners | Legal Advisor | Company | The Turkish affiliate of White & Case, providing legal advisement to the lenders' consortium. |
| Turkiye Is Bankasi | Lender | Company | A leading Turkish bank and part of the consortium providing financing. |
| EBRD | Lender | Company | European Bank for Reconstruction and Development, participating in the financing deal. |
| Garanti BBVA | Lender | Company | A major Turkish bank contributing to the financing consortium. |
| TSKB | Lender | Company | Industrial Development Bank of Turkey, involved in the financing arrangement. |
| Polat Holding | Owner | Company | Co-owner of Polat Enerji. |
| Is Enerji | Owner | Company | Co-owner of Polat Enerji. |