Shearman & Sterling has acted for Petkim Petrochemical Holding Corporation (Petkim), Turkey's largest petrochemical complex, in its agreement with Alstom, the French wind turbine manufacturer, for the construction and operation of a 51 MW wind power plant (WPP) for an investment cost of €55 million. Once constructed, it will be possible to generate approximately 200 GWh energy. The wind power plant is therefore expected to significantly contribute to the energy demand in the Petkim Peninsula, but also to the region’s need for clean energy and Turkey’s renewable energy capacity.
The WPP will be built in two phases, with the first phase (of 27 MW) expected to complete in 2015 and the second phase (of 24 MW) scheduled for 2016.
The Shearman & Sterling team was led by partner Howard Steinberg (New York - Project Development & Finance), assisted by senior associate Julien Bocobza (London - Project Development & Finance) and trainees Rosie Boyle (London - Project Development & Finance) and Charlotte Hawkins (London - Litigation).
Petkim is the leading petrochemical company of Turkey. Specializing in petrochemical manufacturing, the company produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other chemical building blocks for use in the manufacture of plastics, textiles, and other consumer and industrial products. The company has 14 manufacturing plants supplying a significant portion of petrochemicals used in Turkey. The company also exports products to the United States and countries in Europe, the Middle East, Africa and Asia.