Watson Farley & Williams (“WFW”) advised Limak İnşaat Sanayi ve Ticaret A.Ş. (“Limak”) and the project company Antalya Alanya Otoyolu İnşaat Yatırım ve İşletme A.Ş. on the sustainability-linked financing of the €2.5bn Antalya–Alanya Motorway public-private partnership (“PPP”) in Türkiye.
The lending group comprises multilateral development banks as well as leading international and Turkish financial institutions, including Asian Infrastructure Investment Bank (AIIB), Black Sea Trade and Development Bank (BSTDB), Islamic Development Bank (IsDB), Islamic Corporation for the Development of the Private Sector (ICD), Silk Road Fund Co., Ltd., Industrial and Commercial Bank of China (ICBC), Deutsche Bank AG, Bank of Bahrain and Kuwait B.S.C. (BBK), Akbank T.A.Ş., Türkiye Garanti Bankası A.Ş., Türkiye Vakıflar Bankası T.A.O., T.C. Ziraat Bankası A.Ş., QNB Bank A.Ş. and Kuwait Turkish Participation Bank INC.
The financing includes multiple tranches of conventional, covered and Islamic facilities and benefits from a debt assumption by the Turkish Treasury, offering sovereign support in line with Türkiye’s PPP framework.
Spanning approximately 122 km along Türkiye’s Mediterranean coast, the motorway is being developed under a Build-Operate-Transfer (“BOT”) model. It is expected to significantly enhance connectivity between the tourism hubs of Antalya and Alanya, reducing travel times from approximately 2.5 hours to 36 minutes, improving road safety and supporting regional economic growth.
The cross-border WFW Infrastructure team that advised Limak was led by Frankfurt Partner Florian Kutzbach, with close collaboration from Partner Riko Vanezis. They were supported throughout by Managing Associate Kathy Buenaventura. Additional support was provided by Associates Anindhya Shrivastava and Alkistis Vallianatou and Transaction Lawyer Arda Cosar. Dubai Partner Emmanuel Ninos and Associate Benjamin Ruffet advised on the EPC aspects of the transaction. Dubai Partner Michael Savva advised on the Islamic financing aspects while London Partner Rob McBride and Associate Kristina Buckberry advised on hedging related aspects.
Florian commented: “We are proud to have supported Limak on securing financing for this landmark infrastructure project in Türkiye, the largest sustainability-linked financing for a BOT motorway project in the country. The Antalya–Alanya Motorway PPP highlights both the transformative potential of sustainable transport development as well as the strength and attraction of Türkiye’s PPP framework. WFW is well-positioned globally to advise on complex, cross-border infrastructure financings of this nature, combining deep sector expertise with seamless international collaboration”.
Cakmak Attorney Partnership advised on the Turkish law aspects.
