Ateş Turnaoğlu

Partner, Istanbul


“Ateş Turnaoğlu always finds solutions that work for all parties when negotiations are locked.”
Chambers & Partners, Türkiye


Ateş mainly concentrates on domestic and cross-border acquisition finance, banking finance and project finance transactions and advises sponsors and banks and financial institutions in connection with development, construction and financing mainly in the infrastructure, transportation, oil and gas, power and renewal energy sectors. He has extensive experience in navigating the clients through the complex financial restructurings where he advises both debtors and lenders and also participates in drafting the respective regulatory framework under the Turkish Restructuring Programme. He has also been involved in health sector PPP and privatization projects.

Bars and Courts
Istanbul Bar Association
Koç University

Faculty of Law

For Turkish law matters, White & Case works with GKC Partners in Istanbul.


Enerjisa in connection with EUR 650 million Corporate financing provided by Akbank, HSBC Bank, ING Bank, Turkiye Garanti Bankasi and Turkiye Is Bankasi.

Borusan Holding in its borrowing of a dual-tranche US$155 million and EUR87 million syndicated loan by an international and domestic consortium consisting of 11 banks from 7 differential geographic regions.

UBS and Bank of America Securities, as joint bookrunners, in the issuance of amortizing senior secured US$370 million project bonds under Rule 144A / Regulation S due 2036 by LimakPort. This ground-breaking transaction achieves several firsts: first marketed project bond in Türkiye, first project bond by a Turkish company, first Turkish corporate bond with a sustainability-linked coupon, one of the first bonds from EMEA offered into the US / under 144A with a sustainability-linked coupon and first ESG-linked corporate bond in Türkiye.

Citi, Goldman Sachs and JP Morgan, as joint bookrunners, in Aydem Renewables’ US$750 million inaugural senior secured green bond transaction. This transaction marks the largest Eurobond transaction ever by a Turkish corporate and the largest DCM transaction by a renewable company in the whole CEEMEA region.

Zorlu Yenilenebilir Enerji A.Ş. (Zorlu Renewables), as the issuer in its US$300 million issuance of 9.00 per cent Senior Secured Notes due 2026. Bank of America acted as the bookrunner.

Garanti Bank and VakıfBank in connection with the acquisition financing of İzgaz İzmit Gas Distribution Company by Palmet Energy Group.

The lenders consisting of Garanti Bankası, Ziraat Bankası, Türkiye Sınai Kalkınma Bankası, Halk Bank, Türkiye Kalkınma ve Yatırım Bankası in the financing of the Aşağı Kaleköy Combined Dam and Hydroelectric & Solar Renewable Power Plant, the first hybrid renewable energy project in Türkiye. The project, sponsored by the Cengiz and Özaltın groups, combines a 500 MW hydro and 80 MW solar renewable energy resource and the solar power facilities to be constructed on a 1.1 million sqm zone will be the largest solar power plant to be constructed out of the YEKA model. The hydro power plant will also be the 6ᵗʰ Largest HEPP by Installed Capacity in Türkiye developed by the private sector.

The sponsors in connection with the financing (including a potential project bond) of the design, construction, operation, maintenance, repair and transfer of the Kınalı-Odayeri and Kurtköy-Akyazı sections (including access roads) of the Northern Marmara Motorway Project in Türkiye, including both commercial facilities (Bank of China, Finansbank, Garanti, Halk Bank, ICBC, Is Bank, Vakifbank, Ziraat Bank) and Islamic facilities (Albaraka Türk and Kuveyt Türk).

Ic Içtaş and China Merchants Group as sponsors in connection with the refinancing of the Third Bosphorus Bridge and the Odayeri – Paşaköy section of the Northern Marmara Motorway Project, where ICBC acted as lender.

The lenders consisting of Ziraat Bank, Halkbank, Vakıfbank, Denizbank, Garanti Bankası and Finansbank, on the €4.5 billion financing of the Istanbul Third Airport Project, sponsored by the consortium in charge of financing, design, construction and operation of the new airport consisting of five Turkish construction companies, namely Cengiz, Mapa, Limak, Kolin and Kalyon, with a total investment amount of more than 10 billion EUR, which is the largest airport financing in the world.

Vakıfbank, Halkbank and ICBC Turkey as lenders in the syndicated project financing (EUR 215 million plus TL 279.522.000) for the payments to Privatization Administration and working capital needs of three operational hydroelectric power plants (Tolun, Kürtül and Doğankent), where Kolin and Kalyon groups acted as sponsors.

Hanwha Q-Cells Güneş Enerjisi A.Ş. with respect to their both daily and transactional corporate and finance matters, primarily with regards to the sale processes of Hanwha's numerous power subsidiaries holding unlicensed power plants across Türkiye.

EBRD and İş Bankası in the financing of a portfolio of nine licensed and license-exempt solar photovoltaic power plants of Akfen Yenilenebilir Enerji A.Ş. with a total installed capacity of 85 MW, which are located in Konya, Amasya, Tokat, Van and Malatya provinces in Türkiye.

The lenders consisting of Ziraat Bankası, DenizBank, Halk Bankası and Yapı Kredi Bankası in the financial restructuring of the big four Turkish premier league football clubs; Beşiktaş, Fenerbahçe, Galatasaray and Trabzonspor, with a total transaction size of US$1.1 billion.

Yapı ve Kredi Bankasi A.S. and a syndication of 17 other domestic and foreign lenders, in relation to the restructuring of the existing financial debt of Arkas Holding A.S. and its group companies that are active in the maritime, transportation and port sectors, and the extension of additional cash and non-cash facilities.

The lenders consisting of Iş Bankası, Vakıfbank, Yapı Kredi Bankası, Ziraat Bankası, TSKB and Kuveyt Türk in the restructuring of existing financings extended for the construction and acquisition of 9 hydroelectric power projects and 3 wind power projects by Bereket Energy Group and in respect of the deleveraging process of the renewable energy company under the Bereket Energy Group, for the purpose of conducting an IPO.

Akbank, İş Bankası, Yapı Kredi Bankası and 10 other local and foreign commercial lenders in the restructuring of EUR 2.3 billion existing financial debt of Doğuş Holding A.Ş. and its group companies, globally active in the hospitality and food & beverage sectors, and the extension of additional cash and non-cash facilities.

EBRD, IFC and FMO in extending up to US$320 million facilities for Osmangazi Elektrik Dağıtım A.Ş. (OEDAS), the Turkish electricity distribution company responsible for the Osmangazi region, which includes five provinces: Afyonkarahisar, Bilecik, Eskisehir, Kütahya and Uşak.

Awards and Recognition

Next Generation Partner in:
Bank, Finance and Capital Markets,
Project Finance/Projects and
Restructuring & Insolvency
The Legal 500,Türkiye 2023

Band 4: Banking & Finance
Chambers & Partners, Türkiye 2023

"Ateş Turnaoğlu always finds solutions that work for all parties when negotiations are locked."

"Ateş is hands-on, to the point in his advice and constructive when it comes to reconciling different opinions."
Chambers & Partners, Türkiye 2023

"Ateş Turnaoğlu – client oriented approach, indepth expertise, effective solutions for the clients."

"Ateş Turnaoğlu is very wellknown partner in the energy sector. He’s not only an outstanding finance lawyer but is also recommended by major conglomerates and regulatory authorities as a trustful advisor for most complex energy related works."
The Legal 500, Türkiye 2023