AGENDA
Thursday 21st May
08.15 Morning coffee and registration
09.00 Chairman’s opening remarks
Ebru Dildar Edin, Coordinator, Head of Project and Acquisition Finance, Garanti Bank
09.10 Counting the cost: Charting the impact of economic and financial market volatility on the Turkish economy and Turkish infrastructure
- How has Turkey been affected by the global economic and financial downturn?
- How has the Turkish banking sector been affected? Are we likely to see further consolidation over the next twelve months?
- Can the private sector provide sufficient liquidity to fund planned investments into infrastructure? Where else can the government look to source liquidity?
- Outlook for the region in 2009 and beyond
Senior representation, Capital Markets Board Turkey
09.30 Finding the funding: Challenges facing the Turkish government in securing infrastructure investment for 2009 and beyond
- Analysing the success of recent privatisations across the Turkish energy and transportation sectors
- What are the main challenges still to overcome in these projects?
- Can and will the Turkish government provide short or long-term liquidity where necessary?
- Which models are most appropriate for new projects given current market conditions: PPP vs. BOT vs. ROT vs. something different?
- Highlighting forthcoming privatisations and corresponding funding requirements
10.00 Renewable power: The solution to the impending energy crisis in Turkey?
- Is renewable power still the answer to securing Turkey’s ever increasing demand for electricity?
- What more can be done to improve regulatory and legislative frameworks to speed up the tendering process?
- Assessing the impact of projected end-tariffs on the appeal for these projects
- What are lenders’ and sponsors’ appetites for such projects in the current financing climate?
- Successfully mitigating risk in increasingly complex transactions
Doganay Samuray, Chief Executive Officer, Palmet Enerji
Ozgur Eroglu, Deputy Managing Director, Gama Power Systems
Ebru Kurum, Consultant, Poyry Energy Consulting
Sinan Ak, Deputy General Manager, Energy Business Group, Zorlu
Ece Guner, Managing Partner, Guner Law Office
Özlenen Aydin, Chief Financial Officer, Enerjisa Power Generation
Moderator: Can Atacik, Senior Associate, Daruma Corporate Finance
10.45 Morning coffee and networking
11.30 A long and winding road? Update on the privatisation of motorways, toll roads and highways across Turkey
- Is renewable power still the answer to securing Turkey’s ever increasing demand for electricity?
- Twelve months on: On what terms are commercial lenders prepared to fund existing and new projects in this sector?
- Can the private sector provide sufficient liquidity to finance projects? And if they can, are they willing to take on the risk?
- What more can be done to enhance the legislative and regulatory framework in Turkey to ensure success in these projects?
- How do these projects fit into the wider EU context of investment in infrastructure and transportation?
- Are challenging financing conditions driving innovation in these projects? How are these deals now being structured?
- Will government revenue guarantees on transportation projects remain the same given the current economic climate? How will ongoing and future project financing be affected if these do change?
- Outlook for the region 2009 and beyond
Yildiz Koc, Project Head, Privatisation Administration of Turkey
Marcel van den Broek, Director PPP & Financial Advisory Services, ECORYS
Vardy Jones, Market Director, Infrastructure, HPR
12.15 Examining financing requirements for wind and hydro electric power projects across the region
- Examining the potential for wind and hydro power across Turkey
- Utilising the BOT model successfully in the current liquidity scarce and risk adverse market
- How will the revised Law on Renewable Energy affect future project financing?
- Examining commercial lenders’ appetites for financing in the current climate
- Working with multilaterals and export credit agencies to fund new wind and hydro power projects
Morgan Landy, Regional Head for Infrastructure, IFC
Erol Demirer, Chief Executive Officer, Demirer Holding
Tolga Bilgin, President, RESSIAD (Turkish Wind and Hydro Energy Association)
David Groves, General Manager Commercial and Advisory Services, Wind Prospect
Yusuf Ertac, Chief Executive Officer, Synergy Global Energy
Moderator: Emre Hatem, Manager, Project and Acquisition Finance, Garanti Bank
13.00 Lunch
14.30 2009: The year of export credit in infrastructure and other long-term projects in Turkey?
- Charting the move towards more covered loans: Why and how is export credit going to feature more and more in project financing in Turkey?
- Which types of projects in this region are most important for export credit agencies in 2009 and beyond?
- Working with commercial lenders to finance deals
- Plugging the funding gap: Is direct lending a realistic option?
- As export credit becomes more popular and (relatively) less expensive, will country limits on lending into Turkey increase to cope with the growing demand for funding?
Karsten Ipsen, Associate Director, Guarantees Department, EKF
Luis Cuttica, Head of Milan Office, SACE
Burak Aktas, Regional Manager, South East Europe and the Baltics, EDC
15.15 Financiers’ perspectives: Who is still lending in Turkey and on what terms?
- How has the Turkish banking sector been affected by the global economic and financial downturn?
- Will there be further consolidation across the Turkish banking sector in 2009?
- Can commercial lenders meet borrowers’ refinancing needs in current market conditions? Where will the liquidity come from?
- Are the concessions currently out to tender bankable?
- Assessing tenor length and cost of funds
- What are the alternatives? Working with multilaterals and agencies to fund new projects
- 2010: The year for project finance in Turkey? If not then, when?
Meltem Gulsoy, Head of Project Finance, TSKB
Murat Bilgic, Manager, Corporate Loans Division, Isbank
Mustafa Tiftikcioglu, Senior Vice President, Garanti Bank
Morgan Landy, Regional Head for Infrastructure, IFC
Moderator: Kerim Bertrand, General Manager, ISI Emerging Markets
16.00 Coffee and networking
16.30 Turkish PPP Law: A blessing for project financing?
- Update on progress with the Turkish Law on PPP and impact on project financing and privatisation of key sectors and services in Turkey
- Does the PPP model offer sufficient security for lenders and sponsors in the present difficult financing environment?
- Overcoming challenges to developing a “marketable” version of the PPP Law
What will be the impact of legislative review on future and existing projects?
Ali Guner Tekin, Department Head, Advisory Services, Privatisation Administration of Turkey
17.00 End of day one, followed by drinks reception sponsored by Garanti Bank
Day Two
Friday 22nd May 2009
08.45 Morning coffee
09.00 Chairman’s opening remarks
Can Atacik, Senior Associate, Daruma Corporate Finance
09.10 Multilateral finance: Who else has the liquidity and risk appetite?
- Identifying the role of multilaterals and agencies in funding Turkish infrastructure projects
- Can multilaterals draw on sufficient levels of liquidity to meet the increasing demand for financing?
- How can project developers ensure that project criteria are met for MFI funding in the current market?
- Ensuring compliance with European and international environmental legislation in projects
- Successfully working with commercial lenders on new and existing projects
Mike Davey, Director, Turkey, EBRD
Shahbaz Mavadatt, Director, Southern Europe and Central Asia, IFC
Alain Terraillon, Representative, Turkey Office, EIB
Justus Vitinius, First Vice President, Infrastructure, DEG Invest
Orhan Aytemiz, Director, General Industries, Transport and Tourism, Black Sea Trade and Development Bank
10.00 Examining the role of private equity in energy projects across the region
- Analysing the potential for dedicated private equity funds focused on investment in energy projects in Turkey
- Which projects have the greatest potential to succeed in the current liquidity scarce and risk adverse market?
- What is the potential for local-foreign JV structures, and what are the respective expectations of Turkish developers and foreign investors?
- What, besides much needed equity, can these funds bring to new projects?
Vincent Gilles, Chief Investment Officer, ADIC-UBS Infrastructure Investment
Gunter Fischer, Investment Manager, European Investment Fund
Moderator: Aygen Yaykioglu, Managing Partner, Crescent Capital
10.40 Coffee and networking
11.45 Does the Turkish project finance market still hold lucrative opportunities for investors and project developers?
- How have international and domestic investors and project developers been affected by the global economic and financial downturn?
- Are investors still looking to infrastructure and energy projects in Turkey for attractive returns on investment?
- Tracking down debt: Are borrowers confident that they can access long term financing in the current market at the right price?
- What can international partners bring to new projects?
- Charting the impact of decreasing commodity prices on investors and their corresponding ability to raise funds
- What more can be done to improve the regulatory and legislative environment to ensure success in new projects?
Armanç Ekinci, Strategy & Business Development Director, Sabancı Holding Energy Group
Abdullah Kirimili, Coordinator, Celebi Holding
12.15 Analysing the role of municipalities in existing and forthcoming infrastructure financing: Focus on Istanbul
- Analysing the success of recent investment strategies for transportation projects across the Municipality of Istanbul
- Spotlight on rail and metro projects in the region
- Where is the potential for new projects across the region for 2009 and beyond?
- Overcoming challenges in securing funding in current market conditions
- Accessing the right funding method for transportation projects: PPP, pure project financing, or something different?
- Looking beyond 2009: Outlook for the region
Senior representation, Municipality of Istanbul
12.15 Keeping rail and metro projects on track in current challenging market conditions
- How viable are current projects out to tender given the current liquidity scarce environment?
- How much support can the state provide for these projects?
- What can international developers bring to these programmes?
- Working with municipalities to finance existing and new rail projects
- Financing capital goods equipment and rolling stock for rail projects: Where is the funding coming from?
Mehmet Peker, Business Development Director, Yenigun
12.45 Lunch
14.15 Coal's role in the Turkish energy market and prospects for future
- Overview of international coal reserves, production, consumption and trade
- Overview of Turkish solid fuels imports
- Turkish coal-fired power sector
- Coal imports and consumption in steel,cement and house heating sectors
- Coal discharging ports in Turkey
- Identifying the role for coal in the Turkish energy market
Yavuz Tasdelen, General Coordinator, Enisa Group
14.45 The next step: The role of Islamic financing in new projects across Turkey
- Impact of the global credit crunch on Islamic finance institutions
- Structuring innovations in Islamic project financings
- Recent case studies
- Analysing the challenges of implementing Islamic finance in the Turkish project finance market
- Institutional framework of the Islamic finance industry
- The future of Islamic financings
Shibeer Ahmed, Local Managing Partner, Lovells (Middle East) LLP
15.15 Chairman’s closing remarks followed by close of conference