White & Case LLP - News - Major Financing for Development of 1.9GW Power Portfolio in Turkey

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Major Financing for Development of 1.9GW Power Portfolio in Turkey

London / Ankara June 17, 2008 ... Global law firm White & Case LLP advised EnerjiSA Enerji Üretim A.S. ("EnerjiSA"), a joint venture between Haci Omer Sabanci Holding A.S. ("Sabanci") and Österreichische Elektrizitätswirtschafts-AG ("Verbund"), in connection with a €1 billion financing for the development of a 1.9GW power portfolio in Turkey on a merchant basis, documents for which were signed on June 12, consisting of a €865 million financing package for the first phase of the company's investment program, which is expected to be increased to up to €1 billion in the course of 2008. EnerjiSA currently operates four hydroelectric and four thermal plants, with a total installed capacity of 456MW, enabling it to meet a significant portion of Turkey's electricity demand. Sabanci and Verbund intend to expand EnerjiSA's power asset base through multi-phase capacity additions with an objective of increasing EnerjiSA's share in the Turkish electricity generator market. This financing will be used to finance Phase 1 of their expansion plan, which consists of ten hydroelectric power plants and one gas-fired power plant with a combined capacity of approximately 1.9GW.

"The ever-increasing demand for power in Turkey, together with the liberalisation of the sector, presents huge potential for companies such as EnerjiSA to increase their capacity, and in turn strengthen their position in the market," commented White & Case partner Jason Kerr.

The White & Case team advising EnerjiSA was led by partner Jason Kerr, working closely with partner Evgenia Laurson, counsel Tallat Hussain and associates Kirsti Massie, Mary Walsh, Adrian Montague, Joseph Varghese and Tom Longmuir in London, and partners Mehtap Yildirim Ozturk and Tugba Bayman and associate Cagdas Evrim Ergun in Ankara.

White & Case's Global Energy, Infrastructure and Project Finance Practice is regularly a lead advisor on the major projects in Europe, the Middle East, Africa, Asia and the Americas, last year advising on more than $50 billion worth of deals. Its work was recognised at this year's Legal Business awards ceremony, with the Firm picking up the "Project Finance Team of the Year" award. Recent examples of the Firm's work include:

advising Sorfert Algeria, a 51/49 joint venture between Orascom Construction Industries and Sonatrach, the national oil and gas company of Algeria, in connection with the €1.1 billion financing for the construction of a nitrogen-based fertiliser plant in Algeria;
advising International Power, the UK-based energy provider, and Endesa, the Spanish utility, in relation to the formation of a joint venture company called ElecGas S.A. to develop a new 830 MW combined-cycle gas fired power project in Portugal;
advising the lead arrangers on the $4.67 billion financing for the construction of the world's largest aluminium smelter by EMAL, to be located in Abu Dhabi;
advising Qatar Petroleum and Hydro Aluminium AS in connection with the $2.6 billion financing for the construction of a new aluminium plant, located within the Mesaieed Industrial City, South of Doha;
advising Spanish Egyptian Gas Company in connection with the $1.02 billion refinancing, on a non-recourse project financing basis, of the Damietta LNG complex in Egypt; and
advising project sponsors Qatar Petroleum and Shell in relation to the financing of the Qatargas 4 Liquefied Natural Gas project; the total amount of financing raised is in excess of $4 billion.

About White & Case
White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011

Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848

	Press Releases
Expertise Project Finance Lawyers Tallat Hussain Jason Kerr Evgenia Laurson Kirsti Massie Adrian Montague Mehtap Yildirim-Ozturk Tom Longmuir Locations London Ankara	Major Financing for Development of 1.9GW Power Portfolio in Turkey London / Ankara June 17, 2008 ... Global law firm White & Case LLP advised EnerjiSA Enerji Üretim A.S. ("EnerjiSA"), a joint venture between Haci Omer Sabanci Holding A.S. ("Sabanci") and Österreichische Elektrizitätswirtschafts-AG ("Verbund"), in connection with a €1 billion financing for the development of a 1.9GW power portfolio in Turkey on a merchant basis, documents for which were signed on June 12, consisting of a €865 million financing package for the first phase of the company's investment program, which is expected to be increased to up to €1 billion in the course of 2008. EnerjiSA currently operates four hydroelectric and four thermal plants, with a total installed capacity of 456MW, enabling it to meet a significant portion of Turkey's electricity demand. Sabanci and Verbund intend to expand EnerjiSA's power asset base through multi-phase capacity additions with an objective of increasing EnerjiSA's share in the Turkish electricity generator market. This financing will be used to finance Phase 1 of their expansion plan, which consists of ten hydroelectric power plants and one gas-fired power plant with a combined capacity of approximately 1.9GW. "The ever-increasing demand for power in Turkey, together with the liberalisation of the sector, presents huge potential for companies such as EnerjiSA to increase their capacity, and in turn strengthen their position in the market," commented White & Case partner Jason Kerr. The White & Case team advising EnerjiSA was led by partner Jason Kerr, working closely with partner Evgenia Laurson, counsel Tallat Hussain and associates Kirsti Massie, Mary Walsh, Adrian Montague, Joseph Varghese and Tom Longmuir in London, and partners Mehtap Yildirim Ozturk and Tugba Bayman and associate Cagdas Evrim Ergun in Ankara. White & Case's Global Energy, Infrastructure and Project Finance Practice is regularly a lead advisor on the major projects in Europe, the Middle East, Africa, Asia and the Americas, last year advising on more than $50 billion worth of deals. Its work was recognised at this year's Legal Business awards ceremony, with the Firm picking up the "Project Finance Team of the Year" award. Recent examples of the Firm's work include: advising Sorfert Algeria, a 51/49 joint venture between Orascom Construction Industries and Sonatrach, the national oil and gas company of Algeria, in connection with the €1.1 billion financing for the construction of a nitrogen-based fertiliser plant in Algeria; advising International Power, the UK-based energy provider, and Endesa, the Spanish utility, in relation to the formation of a joint venture company called ElecGas S.A. to develop a new 830 MW combined-cycle gas fired power project in Portugal; advising the lead arrangers on the $4.67 billion financing for the construction of the world's largest aluminium smelter by EMAL, to be located in Abu Dhabi; advising Qatar Petroleum and Hydro Aluminium AS in connection with the $2.6 billion financing for the construction of a new aluminium plant, located within the Mesaieed Industrial City, South of Doha; advising Spanish Egyptian Gas Company in connection with the $1.02 billion refinancing, on a non-recourse project financing basis, of the Damietta LNG complex in Egypt; and advising project sponsors Qatar Petroleum and Shell in relation to the financing of the Qatargas 4 Liquefied Natural Gas project; the total amount of financing raised is in excess of $4 billion. About White & Case White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 Alexandra Henderson Media Relations Executive, White & Case 44 0 20 7532 2848