White & Case advises Zorlu Enerji on US$1 billion debut sustainability-linked Eurobond issuance

Global law firm White & Case LLP and GKC Partners have advised Zorlu Enerji Elektrik Üretim A.Ş. (Zorlu Enerji) on its Rule 144A/Reg S US$1 billion senior guaranteed sustainability-linked notes offering.

White & Case association partner, Güniz Gökçe, said: "We have supported Zorlu Enerji on this landmark offering, the latest in our long-standing relationship with the group."

The notes, due 2030, will be listed on Euronext Dublin. The notes feature four separate sustainability performance targets. The notes were issued in two tranches, with US$800 million issued on October 23, 2024, with joint bookrunners Emirates NBD Bank PJSC, Goldman Sachs International, HSBC Bank plc., J.P. Morgan Securities plc. and Merrill Lynch International, and a further US$200 million with sole bookrunner J.P. Morgan Securities plc on November 7, 2024. The trustee was BNY Mellon Corporate Trustee Services Limited.

Founded over thirty years ago, Zorlu Enerji has become Türkiye's leading geothermal power generator and, as of June 30, 2024, operates approximately 18 percent of the country's total geothermal capacity. With its operation across the entire electricity value chain and expansion into electric vehicles and renewable projects, Zorlu Enerji is a strong presence in the energy market.

"We have acted on every corporate debut international Eurobond out of Türkiye in the last five years, and this combined US$1 billion offering is the largest to date by a Turkish corporate issuer," said White & Case partner Richard Pogrel, who co-led the Firm's deal team.

The White & Case team in London which advised on the transaction was led by partners Richard Pogrel, Melissa Butler and James Greene and included associates Hashim Eltumi and Anu Alamatu. The GKC Partners team in Istanbul included association partner Guniz Gokce, counsel Derin Altan and associates Kaan Alkan, Sehriban Unlu and Muhammed Aşula. White & Case has a professional association with Istanbul-based GKC Partners.

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