Watson Farley & Williams LLP (“WFW”) advised J.P. Morgan Securities plc (“JPM”) as sole bookrunner on the debut issuance of US$380m senior secured amortising notes due 2035 by Gürmat Elektrik Üretim A.Ş. (“Gürmat”), offered under Rule 144A.
The proceeds will be used to refinance Gürmat’s existing loans and fund an optimisation programme to improve energy generation efficiency, securing the long-term output from its eight geothermal power plants located in the Aydın region of southwest Türkiye.
Gürmat is a leading company in Türkiye’s geothermal energy sector and is part of MOGAN Enerji, one of the nation’s largest renewable energy companies. With installed generation capacity standing at 259.90 MW, Gürmat operates approximately 15% of the country’s total installed geothermal capacity.
The cross-border, multi-disciplinary WFW team that advised JPM was led by London Capital Markets Partner Simon Ovenden, Frankfurt Project Finance Partner Riko Vanezis and New York Capital Markets Partner Will Vogel. They were supported by London Associates Chris Madoc-Jones and Alexander Belsey, New York Associate Alexander J. Panisch, Frankfurt Transaction Lawyer Arda Cosar and London Trainee Mike Gorry.
Simon commented “We are delighted to have worked with JPM on this deal. It reflects our position as a leading firm in the infrastructure space and our strong franchise in Türkiye”.
WFW collaborated with Ergün Law Office, who provided Turkish law advice to JPM. Gürmat was advised on English and New York Law by White & Case LLP and on Turkish law by GKC Partners.
