As a result, a new Electricity Law has been enacted. The new law intends to address a number of issues troubling foreign investors, lenders and market players. It will mean substantial changes to the electricity market, like the reorganisation of electricity market activities, the introduction of the pre-licensing process (to differentiate between real investors and opportunistic licence traders), the redefinition of organised electricity markets and the extension of deadlines for certain incentives. For example, holders of generation licences will be entitled to benefit from a 50% discount on transmission system usage fees for the first five years of commercial operation and an exemption from stamp duty and charges for documents prepared during the investment period of generation facilities provided that they commission their power plants before December 31 2015.

In parallel with the above, Turkey has proven its interest in eliminating the foreign energy supply through certain legislative developments in the renewable and nuclear energy sectors. A firm step in this direction came in the form of an intergovernmental agreement between the Russian Federation and Turkey for the construction and development of the first nuclear power plant in Turkey. Bezen & Partners advises the project company on the uncharted territory of nuclear power plants, which requires an amendment to the current (primary and secondary) electricity market legislation.

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PPP and infrastructure

The Turkish government has also enacted various legal frameworks in favour of the quasi-public private partnership (PPP) model in order to attract the private sector to assist the public sector in meeting the demand for renovating existing infrastructure and realising additional infrastructure.

Aside from various other innovations in this area, the Turkish government recently introduced a new law on construction and renovation of facilities and procurement of services under the PPP model, which stipulates that the investments made thereunder shall be exempt from stamp duty and charges during their entire investment periods.

Due to various claims by third parties in relation to the tender processes conducted for the purposes of implementing the PPP model, it is now envisaged that the Turkish government will be willing to reflect all legislative changes necessary to provide a feasible ground for potential investors and also prevent political risk to the greatest extent possible.

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Privatisations

Turkey's privatisation history dates back to the early 80's, picking up considerable speed over the last decade. However, limited access to liquidity in money markets took its toll on Turkey's arguably aggressive privatisation agenda.

It is expected that Turkey, taking stock on various cancelled tenders, will sweeten future tenders and approach the structuring also from the investor bankability perspective, which, it could be argued, was not a primary concern for previous tenders.

It remains to be seen whether the increased liquidity and State sweeteners will spark up more interest in privatisations, but investors seem hopeful that this will be the case.

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Construction sector

The construction sector has benefited from developments relating to the energy and infrastructure sectors and has become the leading sector in Turkey. In addition to its ever-growing size and scope, the construction sector has also been the target of independent investors in power and energy projects due to legal instruments introduced by the Turkish government.

Some of the most recent construction projects that Bezen & Partners was involved in include the Marmaray Project, which is one of the biggest transportation projects in Turkey that provides for the connection of the two sides of the Bosphorus strait through an underwater railway tunnel with an approximate investment value of US$ 3 billion. There was also the Gebze – İzmir Highway Project, a project that is to be implemented by way of a build-operate-transfer method with an approximate investment value of US$ 6 billion.

For public projects, the investors are usually required to establish special purpose vehicles as part of the procurement or tender process.

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Finance and PE investments

For over a decade, Turkey has been enjoying a fair share of the emerging market pie in terms of foreign investments. Fitch's recent credit note bump to BBB, marking the country investment grade, can only mean that the best is yet to come.

The immediate effect Bezen & Partners observed is an increased private equity activity to take over or partner-up with Turkish operators in various sectors. The timing suggests a relation between spiked PE interests with the relatively high returns of an emerging economy coupled with the recently restated investment grade status.

In terms of finance, strong Turkish sponsors have always been attractive to foreign banks and it is safe to say that the feeling was mutual as foreign banks are exempt from banking and insurance transactions tax, allowing them to offer cheaper credit.

With the new wave of foreign investments already underway, Bezen & Partners expects a new wave of financings and re-financings, with the majority of the senior debt coming from syndicates composed of both foreign and domestic banks.

It does not take a specialist to spot the critical role of foreign investments in Turkey's growth plans. The recent legislative changes suggest that the Turkish government's pro-FDI approach is working as intended to offer a reliable medium for foreign investors with relatively low political risk.

Bezen & Partners keeps close contact with potential investors in a variety of sectors and is of the view that the incentives are well received and have sparked increased interest.

Author biographies

Aykut Bakırcı

Partner

Aykut Bakırcı started his career as a legal practitioner in 1990. From 1996 until 2006 he was employed as counsel in the legal department of the Turkish Privatisation Administration. From 2006 until 2010 he served as the head of legal of the Turkish Privatisation Administration, before relocating to Istanbul and joining the firm. Aykut Bakırcı has extensive experience in dealing with administrative and regulatory issues as well as real estate matters and privatisations.

Serdar Bezen

Partner

Serdar Bezen worked in the project finance department of a magic circle law firm in London (mainly on Turkish energy and infrastructure projects). Having relocated to Istanbul he worked at a leading Istanbul law firm on corporate transactions (mainly on Turkish M&A transactions) before establishing Bezen & Partners. He has extensive energy, infrastructure and project finance work experience. He also advises on corporate, commercial and arbitral matters.

Yeşim Bezen

Partner

Yeşim Bezen worked in the asset, structured and project finance department of a magic circle law firm in London, advising on banking, structured finance and project finance transactions until establishing Bezen & Partners. She has extensive experience of banking and projects work in both Turkey and abroad. She advises finance institutions, international organisations and sponsors in banking, energy and infrastructure deals.

Nadia Cansun

Partner

Nadia Cansun worked in England and then at a magic circle law firm in Moscow where she was part of the corporate team specialising in mergers and acquisitions. She spent three years as General Counsel to News Corp's outdoor advertising division based in Moscow where she was primarily responsible for acquisitions, before relocating to Istanbul and joining the firm. She advises both international and Turkish clients on corporate, commercial and M&A matters.

土耳其：以外国投资为中心的经济体系

Aykut Bakırcı、Serdar Bezen、Yeşim Bezen 和 Nadia Cansun

Bezen & Partners

在过去的十年中，土耳其经济经历了快速增长，其目前的计划是要吸引外国投资者，基于这一点，经济增长将持续。以往外国投资者和国内投资者之间一直遵从着平等原则，后来在立法方面为外国投资者引入了税收优惠，免征与鼓励措施等的单边利益，这种转变的产生为土耳其带来了庞大的好处。收入最高的项目主要包括能源，基础设施和金融。土耳其政府的主要和最终目的是加强该国的经济，在短期内，这些有利条件为外国投资者提供了可观的经济利益。除了立法方面的发展，土耳其在投资互惠待遇方面签署了政府间协议，目前约80项协议正在生效。

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新的鼓励方案

2012年6月19日颁布的部长理事会第2012/3305号决定，引入了新的鼓励机制，为国内和外国投资者带来了各种便利。新的鼓励机制划分了四种鼓励措施实施方案：综合性鼓励措施实施方案；地区性鼓励措施实施方案；大规模投资实施方案和战略投资实施方案。此外，还引入了九种鼓励措施项目。这些鼓励措施项目及其在鼓励措施实施方案中的分类在图1中进行了概述。

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能源投资

为了降低国家对外国能源资源的依赖，土耳其能源市场及适用的法律自21世纪后期以来，经历了重大的开放进程。预计在2016年前，该国不断增长的电力需求将导致电力短缺，显示这个行业需要寻求新的投资。具体来说，土耳其的总装机容量约为53,035 兆瓦。根据预测，2020年前，电力需求每年将增加6.5%至7.5%。

因此，土耳其颁布了新的电力法。新法拟解决一系列困扰着外国投资者、贷款者和市场参与者的问题。这意味着电力市场将发生重大改革，如电力市场活动的重组，预发许可程序的引入 (区分真正的投资者和投机的许可証交易商)，对规范的电力市场的重新定义和延长若干鼓励措施的最后期限。例如，发电许可证持有人只要在2015年12月31日之前启用发电厂，那么在其投入商业运营的首五年，在输电系统使用费上将享有50%的折扣，以及在发电设施投资期免除印花税和文件费用。

在进行上述工作的同时，土耳其通过若干可再生能源和核能业的法律修订，证明了其着力减少外国能源供应的意向。土耳其在这个方向上迈出了坚定的一步，与俄罗斯联邦签订了政府间协议，以建设和发展土耳其第一家核电厂。Bezen & Partners律师事务所就核电厂的未知领域为项目公司提供咨询，这需要对现行的 (初级和次级)电力市场法规进行修订。

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公私营合作伙伴关系和基础设施

土耳其政府还颁布了各种法律框架支持准公私营合作伙伴关系 (PPP) 模式，以吸引私营机构协助公营机构，满足改造现有基础设施和建设额外基础设施的需求。

除了这一领域的其他各项创新外，土耳其政府最近遵照公私营合作伙伴模式，在设施建设和改造及服务的采购方面推出了新的法规，规定据此作出的投资在整个投资期内应免征收印花税及费用。

鉴于第三方针对为实施公私营合作伙伴模式而进行的招标程序提起各种索赔，预计土耳其政府将愿意进行立法改革，为潜在的投资者提供切实可行的基础，也能最大程度地避免政治风险。

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私有化

土耳其的私有化历史可以追溯到上世纪80年代初，在过去的十年中，它正以相当迅猛的速度在发展。然而，货币市场有限的流动性对土耳其可以说是进取的私有化进程造成了沉重打击。

土耳其对于各项已取消的招标相当重视，预期这将令日后的招标更具吸引力，且在构建方面着眼于投资者可获利的角度，对此可能有人会指出，此前的招标并没有十分关注这一问题。

流动性的增加和国家的拉拢手段是否会吸引更多私有化还有待观察，但投资者似乎相信这会成为事实。

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建造业

建造业受益于能源和基础设施行业的发展，并已成为土耳其的主要行业。除了其不断增长的规模和范围外，土耳其政府出台的法律文书，也使建造业成为了电力和能源项目独立投资者的目标。

最近Bezen & Partners律师事务所参与的一些建设项目包括马尔马拉项目 (Marmaray Project)，这是土耳其最大的交通项目之一，通过建设一条水底铁路隧道，连接博斯普鲁斯 (Bosphorus)海峡两岸，投资价值约为30亿美元。还有盖布泽 - 伊兹密尔公路项目

(Gebze–İzmir Highway Project)，这个项目将通过建设 – 经营 – 转让的方式实施，投资价值约60亿美元。

在公共项目方面，投资者通常需要设立特殊目的公司，以配合采购或招标程序。

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金融和私募股权投资

十多年来，在新兴市场中，土耳其在外国投资方面一直享有相当大的份额。在惠誉国际近期的信用票据评级中跃至BBB级别，这标志着该国的投资级别，只能说最好的还没到来。

Bezen & Partners律师事务所注意到，最直接的影响是私募股权活动有所增加，以此收购土耳其各行各业的经营者或与它们合作。这一时机表明了迅速上涨的私募股权投资兴趣，与新兴经济体的相对高回报加上最近提升的投资级别之间的关系。

在财政方面，实力雄厚的土耳其项目发起人一直吸引着外资银行，可以说，这种感觉是相互的，因为政府对外资银行免征银行和保险交易税，使它们能够提供更便宜的信贷。

随着新一轮已经开展的外国投资，Bezen & Partners律师事务所预计，会有新一轮的融资和再融资出现，且大部分的高级债务会来自外资银行和国内银行形成的银团。

外国投资在土耳其的发展计划中的关键角色是显而易见的。最近的法规修改表明，土耳其政府支持外国直接投资的方式起了预期的作用，为外国投资者提供了可靠而政治风险相对较低的途径。

Bezen & Partners律师事务所与各行各业的潜在投资者保持着密切的联系，并且认为鼓励措施深受欢迎，激发了越来越大的投资兴趣。


作者简历

AYKUT BAKıRCı

合伙人

Aykut Bakırcı在1990年成为一名法律执业者，从此开始了他的职业生涯。从1996年至2006年，他受聘为土耳其私有化管理局 (Turkish Privatisation Administration) 法律部门的律师。从2006年至2010年，他担任土耳其私有化管理局法律部主管，之后来到伊斯坦布尔，加盟Bezen & Partners律师事务所。Aykut Bakırcı在处理行政和监管事宜，以及房地产和私有化事务方面拥有非常丰富的经验。

SERDAR BEZEN

合伙人

Serdar Bezen曾在伦敦一家大型律师事务所的项目融资部门工作 (主要是土耳其能源和基础设施项目)。在到伊斯坦布尔后，他在伊斯坦布尔一家著名律师事务所里，从事企业交易方面的工作 (主要是土耳其的并购交易)，之后就成立了Bezen & Partners律师事务所。他在能源、基础设施和项目融资方面拥有非常丰富的工作经验。他为企业，商业和仲裁事宜提供咨询服务。

YEŞIM BEZEN

合伙人

Yeşim Bezen在成立Bezen & Partners律师事务所前，曾在伦敦一家大型律师事务所的资产、结构性和项目融资部门工作，为银行业务、结构性融资和项目融资交易提供咨询服务。她在土耳其和国外的银行业务及项目工作方面拥有非常丰富的经验。她为金融机构、国际组织及银行业务、能源和基础设施交易的发起人提供咨询服务。

NADIA CANSUN

合伙人

Nadia Cansun曾在英国工作，后来任职于莫斯科一家大型律师事务所，当时她是企业团队的一员，专门负责兼并和收购事宜。她曾在莫斯科的新闻集团 (News Corp) 任职户外广告部法律顾问达三年，主要负责收购事宜，之后她到了伊斯坦布尔，加盟了Bezen & Partners律师事务所。她为国际和土耳其的客户就企业、商务和并购事宜提供咨询服务。