Date: December 2014
Pekin & Pekin’s Corporate and M&A team, led by Kemal Serdengeçti, and the Banking and Finance team led by Ahmed Pekin, advised The Export-Import Bank of Korea (K-EXIM), European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), Standard Chartered Bank and Banque Saudi Fransi on the USD 1 billion project financing of a 950 MW combined cycle natural gas-fired (CCGT) power station in Kirikkale, Turkey.
This project is a unique limited recourse project financing of gas fired IPP since the Electricity Market Law was introduced in 2001 and also includes significant Islamic financing elements.
ACWA Power, an independent Saudi Arabian developer of power projects will build the plant in Kirikkale together with Samsung C&T. The facility is expected to generate significant electricity to contribute to the energy needs of the country and represents a major CCGT power project for Turkey.
Pekin & Pekin’s involvement in this project demonstrates its highly regarded reputation for expertise in the energy sector and its enduring tradition of being involved in innovative major projects throughout the industry and the country.