EBRD and IFC acquisition of a 5% stake in Akfen Yenilenebilir Enerji A.S.
Each of European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) acquired 5% stake in Akfen Yenilenebilir Enerji A.Ş., which is holding the renewable energy asset portfolio of Akfen Holding A.Ş. constituting of hydro, wind and solar energy investments. Closing took place on 12 June 2016 after obtaining clearance from the Turkish Competition Authority and Energy Market Regulatory Authority. According to the project agreements, each of EBRD and IFC has a right to hold up to circa 16% equity in Akfen Yenilenebilir Enerji A.Ş.
Paksoy advised both EBRD and IFC in this deal in relation to Turkish law matters including legal due diligence over the related assets, providing legal assistance on Turkish corporate law matters and negotiation of the transaction documents from Turkish law perspective.
The team led by Elvan Aziz (Partner, M&A) and Zeynel Tunç (Partner, Energy & Infrastructure), together with Aslı Kehale Altunyuva (Senior Associate) advised EBRD and IFC on this transaction. The deal required deep knowledge of energy sector since the target was holding a large portfolio of renewable energy assets. Paksoy’s competition law department was also involved in this deal for obtaining clearance form Anti-Trust Authority.