Paksoy, White & Case, and GKC Partners Advise on Osmangazi Elektrik Dagitim Financing

Paksoy, White & Case, and GKC Partners Advise on Osmangazi Elektrik Dagitim Financing

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Paksoy has advised the Zorlu Group on raising USD 330 million for Osmangazi Elektrik Dagitim AS from the EBRD, IFC, Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V., and Turkish commercial banks. White & Case and GKC Partners advised the consortium of banks on the deal.

OEDAS is an electric distribution company operating in five cities, namely, Eskisehir, Afyon, Usak, Kutahya, and Bilecik.

According to the EBRD, the funds will finance the upgrade, modernization, and expansion of the distribution network, which serves around 2.7 million people in 194 towns and 1,596 villages. Improvements are expected to reduce electricity losses and enable the connection of increased solar capacity, as a result saving at least 40,000 tons of CO2 emissions per year. The loan should also enhance environmental and safety standards and improve the efficiency and reliability of supply.

These investments are part of a capital expenditure program required by Turkey's Energy Market Regulatory Authority for the five-year regulatory period between 2016 and 2020.

The Paksoy team consisted of Partner Togan Turan and Associates Soner Dagli and Beril Paksoy.

The White & Case team consisted of Istanbul-based Partner Sebastian Buss and London-based Associates Anna Hawker and Seyfi Can Kandemir. The GKC Partners team included Partner Guniz Gokce and Associates Ates Turnaoglu, Baran Abur, Idil Kalaycioglu, and Can Argon.