GKC Partners has advised joint bookrunners Citi, Goldman Sachs, and JP Morgan on Aydem Renewables’ USD 750 million inaugural issuance of senior secured green bonds.
According to GKC Partners, "this transaction marks the largest Eurobond transaction ever by a Turkish corporate and the largest DCM transaction by a renewable company in the whole CEEMEA region."
Aydem Renewables operates 20 hydroelectric, three wind, one geothermal, and one biogas power plants with over 1000 megawatts installed capacity. According to the company's Chairman, Idris Kupeli, the proceeds will be used to "close the entire credit debt of Aydem Renewables to the banks; and we will utilize our remaining income to finance the hybrid investments to be realized in the next 3 years, in line with our target of doubling the installed power of our company."
GKC Partners’ team included Partners Derin Altan and Ates Turnaoglu, Associates Elif Ece Kuregibuyuk, Ahmet Kaan Alkan, and Caglar Senol, and Legal Intern Sehriban Unlu.
GKC Partners did not reply to our inquiry on the matter.