A Swiss subsidiary of Turkish company Calik Enerji has signed a US$586 million financing package to support its turnkey construction contract for a 1,574-megawatt Kiyanly combined-cycle power plant project in Turkmenistan.

Calik Enerji Swiss, based in Lucerne, Switzerland, executes energy and infrastructure projects worldwide using the Swiss supply chain. It is a subsidiary of Calik Enerji.

Calik Enerji, based in Istanbul, Türkiye, is a leading diversified energy company operating in the engineering, procurement and construction (EPC), power distribution, and renewable energy sectors in Türkiye, Central Asia, the Middle East, Africa and Eastern Europe.

Baker McKenzie Switzerland advised Commerzbank Aktiengesellschaft, Zurich branch, on the guarantee facility agreements for Calik Enerji Swiss, including a guarantee agreement covered by Swiss Export Risk Insurance. Watson Farley & Williams advised Calık Enerji Swiss on the financing package.

The combined cycle power plant at Kiyanly in Turkmenistan will replace old-technology power plants.