Paksoy has advised the EBRD on its direct equity investment in the renewable arm of Turkey’s IC Energy Holding.
As a result of the investment, the EBRD acquired a 6.58% stake in IC Energy Holding subsidiary Ictas Surdurulebilir Enerji Yatirimlari A.S., which holds an asset portfolio of ten hydropower plants with a total capacity of 400 megawatts.
The transaction closed on October 21, 2019, following the registration of the capital increase. According to the project agreements, the EBRD has the option to subscribe for up to approximately 32% equity in Ictas Surdurulebilir Enerji Yatirimlari, for a maximum investment of USD 100 million.
The Paksoy team was led by Partner Zeynel Tunc and included Associate Tugba Tasci.