Sponsored briefing: Hot topics in Turkish renewable energy market

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Sponsored briefing: Hot topics in Turkish renewable energy market

As of February 2022, Turkey’s renewable energy capacity is approximately 53,500 MW amounting to just over half of Turkey’s total installed capacity. This was largely thanks to YEKDEM, Turkey’s USD-based feed-in tariff. Depending on the renewable energy source, this mechanism provided guaranteed purchase prices between US$7.3 and US$13.3 per KWh for the first ten years of the operation period.

The USD-based YEKDEM was replaced by a TRY-based YEKDEM for the power plants commissioned after 30 June 2021. Although the TRY-based prices are escalated, this new YEKDEM has not provided a meaningful contribution to the installation of new renewable capacities. This is mainly due to the heavy devaluation of TRY, which triggers higher interest rates and equity contribution requirements. Continue reading “Sponsored briefing: Hot topics in Turkish renewable energy market”

Sponsored briefing: Impact of ESG on M&As and financings and trends to watch

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Sponsored briefing: Impact of ESG on M&As and financings and trends to watch

Economic decisions over the years have had major impacts on the scarce resources of the planet. Overconsumption and over-production brought the environment to a state of destruction and degradation. Consequently, all these alarming developments have led the academics, analysts, commentators, and scientists to work on the solutions to prevent a catastrophic future. As a result, sustainability has become one of the key considerations in decision-making processes.

Sustainability often consists of interdependencies that exist between environment, society, and economy. These three factors can be referred to as Triple Bottom Line and 3Ps as they may also be called as people, planet and profit. Under this Triple Bottom Line measuring system, unlike the traditional reporting framework, organisational performance is measured using environmental and social dimensions along with economic aspects. These are also important elements to measure the sustainability goals. Continue reading “Sponsored briefing: Impact of ESG on M&As and financings and trends to watch”

Sponsored briefing: Legal framework for Turkey’s transition to e-mobility has been introduced

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Sponsored briefing: Legal framework for Turkey’s transition to e-mobility has been introduced

Based on the aim of compliance with the objectives of the European Green Deal, Turkey’s e-mobility sector has been experiencing a significant development to reduce greenhouse gas emissions from the transportation sector and to accelerate the transition to a cleaner and more sustainable mobility. Therefore, Turkey has recently introduced new regulations and various incentive schemes relating to e-mobility.

In this context, an amendment of the Electricity Market Law Nr. 6446 entered into force on 21 December 2021 that regulates the procedures and principles on e-mobility activities as well as the rights and obligations of the market participants. Furthermore, new regulations on operation licences for electric vehicle charging stations and on installment of charging points in parking areas have been introduced. In addition, regulations that provide the legal framework for the e-scooter sector as a significant part of micro-mobility entered into force. The Turkish government has also adopted incentives for investments in electric vehicle charging stations. As a result of these regulations, it is expected that the number of electric vehicles and the electric vehicle charging stations will significantly increase in Turkey within the following years. Continue reading “Sponsored briefing: Legal framework for Turkey’s transition to e-mobility has been introduced”

Sponsored Q&A: Osman Ertürk ÖZEL, LL.M., managing partner, ÖZEL Attorney Consultancy

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Sponsored Q&A: Osman Ertürk ÖZEL, LL.M., managing partner, ÖZEL Attorney Consultancy

Given Turkey’s recent economic problems including the currency crash and inflation together with continued problems created by the Covid-19 pandemic, how is this affecting your firm?

The economic recession in Turkey existed a year before the beginning of Covid. Covid has just made this situation obvious. Serious fluctuations in currency along with over 100% inflation rate have deepened the existing economic crisis. This has caused a disruption in all kinds of production in the markets. The fact that banks kept up the markets through loans has greatly disrupted the balance in the market. As a consequence, the case portfolio in our office has shifted to legal procedures such as breach of contract, mediation, litigation and internal arbitration. Continue reading “Sponsored Q&A: Osman Ertürk ÖZEL, LL.M., managing partner, ÖZEL Attorney Consultancy”

UK Offshore report: Keeping a weather eye

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UK Offshore report: Keeping a weather eye

In our 2021 offshore report, law firm pundits placed their bets on the market drivers they predicted would define the coming year. Notwithstanding some unsurprising volatility, the outlook has proved far brighter than many had dared to hope.

‘There was a sense that revenues were going to drop last year, the courts were going to close and strategic decisions would go on hold’, says Jason Romer, group managing partner of Collas Crill, ‘but that never happened. Revenues have continued to increase, the costs are down and we continue to get busier.’ Continue reading “UK Offshore report: Keeping a weather eye”

Caribbean Offshore Report: The vital signs

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Caribbean Offshore Report: The vital signs

Driven by different dynamics, the Cayman Islands, the British Virgin Islands (BVI) and Bermuda have each experienced their own problems in the Covid era – much like the rest of the world – but collectively and individually these sophisticated legal jurisdictions have continued to fare well. Driven by experienced and talented lawyers, strong commercial nous and a well-honed judicial system, the leading global players in the Caribbean can take whatever is thrown at them.

As all jurisdictions were forced to adapt quickly to the coronavirus pandemic, the Caribbean was no exception, with working from home and reduced contact due to social distancing swiftly becoming the norm. The climate has not been without its challenges as multiple lockdowns forced local businesses to suffer and caused substantial disruption to many in the hospitality sector. Indeed, the region’s once-thriving tourism industry continues to stall as travel levels remain low compared to pre-pandemic times – an inevitable blow for Bermuda, the BVI and Cayman – given their significant reliance on international cash injections into the local economy. Continue reading “Caribbean Offshore Report: The vital signs”

Africa focus: Rising again?

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Africa focus: Rising again?

While the same old story of political volatility continues to pervade in Africa, a bullish M&A market and renewed optimism driven by a pan-Africa trade agreement makes the continent hard to ignore for law firms.

For Herbert Smith Freehills (HSF), an ongoing commitment to Africa has played an important role in galvanising its place among global firms. London and Paris offices have targeted the continent for decades, while the launch of a Johannesburg office in 2015 took its ambitions a step further. Nina Bowyer, the Paris-based co-head of HSF’s Africa group is very much alive to the challenges: ‘Obviously, Covid has crippled a number of economies across the world and Africa is no exception. Finding the necessary resources to tackle some of the challenges will continue to be difficult. Continue reading “Africa focus: Rising again?”

Euro Elite Overview: Sterner stuff

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Euro Elite Overview: Sterner stuff

In what should be difficult times, our annual Euro Elite survey finds the 100 leading firms across more than 40 jurisdictions largely in great shape and looking forward to 2022 – with clearly no room for doom and gloom.

The European Commission’s Winter 2022 Economic Forecast projects that, following a notable expansion by 5.3% in 2021, the EU economy will grow by 4% in 2022 and 2.8% in 2023. Growth in the euro area is also expected at 4% in 2022, moderating to 2.7% in 2023. The EU as a whole reached its pre-pandemic level of GDP in the third quarter of 2021 and all member states are projected to have passed this milestone by the end of 2022. The comments coming back from the leading independent law firms across the region reflect this macroeconomic picture – they are generally in rude health. Continue reading “Euro Elite Overview: Sterner stuff”