(July 26, 2012) - 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 EnerjiSAs 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 countrys largest private sector power project, and on the cross-border acquisition of BG Groups 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
. Paul Hastings is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.