Watson Farley & Williams (“WFW”) has advised Çalık Enerji Swiss AG on a structured cross-border financing under which guarantee facilities were provided to it by Commerzbank AG in an aggregate amount of US$586.25m and guaranteed by Çalık Enerji San ve Tic. A.S. (“Çalık Enerji”). The financing also included a facility covered by SERV (Swiss Export Risk Insurance). The financing was provided in relation to the construction by Çalık Enerji of a state-of-the-art 1574 MW combined cycle power plant at Kiyanly in Turkmenistan, which is planned to replace old-technology power plants.
Established in 1998 as part of the Çalık Holding, Çalık Enerji is one of the world’s leading energy companies engaged in EPC contracting operations, renewable energy investment and the distribution and retail operations across the Middle East, Central Asia, Africa and Balkans.
The WFW Germany Project and Structured Finance team which advised Çalık Enerji was led by Partner Riko Vanezis, supported by fellow Partner Florian Kutzbach, Associate Anindhya Shrivastava and Transaction Lawyer Andrés Mejía Barboza.
Riko commented: “We are pleased to have advised our long-standing client, Çalık Enerji, on this groundbreaking international structured finance transaction, which will make a significant contribution to reducing CO₂ emissions in Turkmenistan”.
