Multisource finance package delivers landmark deal for Enerjisa Üretim in Turkey
Published: Sep 2025
Best Sustainable Treasury Solution
Highly Commended Winner
Enerjisa Üretim
Photo of Jonathan MacDougall, J.P. Morgan and Zeynep Kalaycı, Mert Yaycıoğlu and Veli Ahmed Yumuk, Enerjisa Üretim.
Veli Ahmed Yumuk
Head of Treasury & Corporate Finance
Turkey
Enerjisa Enerji Üretim serves customers in Turkey and offers generation, distribution, supply and trading of electricity through hydroelectric, natural gas and wind power plants.
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The challenge
In 2023, the independent power producer Enerjisa Üretim needed to secure a US$1bn funding package for the construction of nine greenfield onshore wind power plants across three sites in Turkey, totalling 750 MW of capacity. These projects formed part of Turkey’s YEKA-2 wind power plant tender programme, which is designed to accelerate the nation’s renewable energy transition.
The funding requirements emerged during one of the most challenging economic periods in Turkey’s recent history. The country was experiencing financial turbulence, with risk metrics at all-time highs and a general election approaching. These circumstances limited the availability of traditional local financing sources, requiring Enerjisa Üretim to seek a more complex international funding structure.
Adding to the complexity, Enerjisa Üretim needed to secure this financing within a tight timeline. Construction had already begun on several sites, with approximately 100 MW already operational, and the company planned to commission all nine projects gradually through the first quarter of 2026. The financing solution needed to accommodate this phased development approach while providing complete funding for the entire project scope.
The solution
Enerjisa Üretim worked with J.P. Morgan to structure a multisource financing package across four facilities. The team created a green loan structure with specific use-of-proceeds designations for wind farm construction. Enerjisa Üretim raised this debt at the corporate level as senior unsecured financing that ranks Pari-passu with its existing obligations.
The financing package consists of four complementary facilities: an ECA facility where J.P. Morgan served as mandated lead arranger and lender, with coverage from German export credit agency Euler Hermes; a DFC facility from the United States International Development Finance Corporation; a DFI facility provided by a group of development finance institutions; and a commercial facility from both local and international banks.
This structure brought together treasuries from the United States, France and Germany, together with major commercial banks. The financing and E&S teams navigated complex ESG requirements across all facilities while coordinating different lending criteria and approval processes among the participants. Despite the challenges that Enerjisa Üretim faced, the financing closed in December 2024 after an 18-month process – all whilst construction continued across the nine sites.
“This renowned award honours the leadership demonstrated by Enerjisa Üretim in aligning treasury practices with the principles of sustainability. It recognises a commitment to responsible financial stewardship that not only supports long-term economic benefits but also advances environmental and social well-being.”
Veli Ahmed Yumuk, Head of Treasury & Corporate Finance
Best practice and innovation
Enerjisa Üretim’s landmark transaction demonstrates innovation through its strategic combination of diverse funding sources during challenging market conditions. The treasury team united export credit agencies, development finance institutions and commercial banks from multiple countries into a cohesive funding structure when traditional financing options were limited.
Enerjisa Üretim structured the financing as a green loan with clear use-of-proceeds tracking, advancing its renewable energy transition while meeting capital needs. The transaction set new precedents across the industry; it became the United States International Development Finance Corporation’s largest wind investment to date and Euler Hermes’ biggest deal in the Turkish renewable sector.
By navigating diverse lending criteria, approval processes and rigorous ESG requirements, Enerjisa Üretim’s treasury team successfully secured US$1bn in funding despite market volatility. This approach created a template for financing large-scale renewable projects in difficult economic environments.
Key benefits
Exceptional implementation (budget/time).
Gained access to international lenders when local markets were unable to support long-term financing deals of this magnitude.
Increased exposure to international financial markets, creating valuable relationships for future growth plans.
Established higher standards for the entire Turkish energy market, providing a blueprint for other companies to follow.
Created new funding channels, with multiple international financial institutions approaching Enerjisa Üretim for future collaborations.
The project’s requirements mandate that more than 55% of turbine manufacturing occur within Turkey, creating over 10,000 new jobs across the country. These positions range from manufacturing and construction to operations and maintenance, providing sustainable employment in multiple regions. One of the nine wind power plants will be managed and staffed entirely by women, creating new professional opportunities while advancing gender equity in the traditionally male-dominated energy sector.
Igancio Matalobos
Executive Director, Head of Export & Agency Finance – MENAT & CIS, J.P. Morgan Payments
This was a landmark transaction for Enerjisa and an important part of its energy transition story through organic expansion and build out of its green portfolio. Significant milestone for sustainable solutions in Türkiye’s energy generation market and a big step forward towards achieving the country’s net zero ambitions while accelerating its journey to energy independence, meeting the growing demand for energy, supporting the diversification of its energy sources, and reducing its reliance on imported fuels. Structured financing including four liquidity pools – Export Credit Agency, US DFC, Development Financial Institutions and commercial lending – delivering the most competitive all-in cost and tenor in line with Enerjisa’s expectations. We are delighted with the recognition. Congratulations to the Enerjisa team from all of us at J.P. Morgan.
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The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2025 awards attracted 454 nominations. To find out more please visit treasurytoday.com/adam-smith-awards
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