Paul Hastings, a leading global law firm, announced today that it represented Korea Trade Insurance Corporation (“K-sure”), an export credit agency of Korea, in connection with the financing of EnerjiSA’s 450 MW lignite-fired power project and associated lignite mine project in Tufanbeyli, the Republic of Turkey.
Total project cost is approximately EUR 1.1 billion and EnerjiSA has obtained EUR 750 million debt financing for the Tufanbeyli power project. K-sure is providing political and commercial risk insurance cover of EUR 608 million for the export credit financiers, who will become a lender group in the portfolio financing implemented by EnerjiSA for their goal of developing and owning a portfolio of 5,000 MW of power assets in Turkey. The parties signed the Tufanbeyli financing documents on July 25, 2012 and financial close is expected to be achieved by the end of the year.
Paul Hastings’ Asia project finance practice has had a strong twelve months. Recent highlights include advising K-EXIM on the award-winning Mong Duong 2 project in Vietnam, the country’s largest private sector power project, and on the cross-border acquisition of BG Group’s power assets in the Philippines by First Gen Corporation.
This transaction involved multi-jurisdictional support from lawyers in our Tokyo, Hong Kong and London offices. The Paul Hastings team was led by Joseph Kim and Justin Jowitt with support from Gustav Runeland, Rebecca Coveney and Lisa Park.
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