Turkish funding gap intensifies calls for non-recourse model

Author: Gemma Varriale | Published: 3 Oct 2011

Industry insiders agree that Turkey’s liberalising energy market is an investment opportunity not to be missed. However, ambiguity surrounds the final financing terms.

"A substantial amount of money is needed to fund the country’s power needs," said London-based Agnieszka Klich of Chadbourne & Parke. "Even if there are risky elements related to the investment today," she added.

Project finance in Turkey is not without difficulties and many are wondering whether the financing will move towards the fully non-recourse structure seen in other countries.

At present, Turkish banks are unwilling...