Istanbul—Dentons has advised its long-time client, European Bank for Reconstruction and Development (EBRD) on a €62.9 million financing to Muğla Su ve Kanalizasyon İdaresi Genel Müdürlüğü (MUSKİ), the water and sewage administration affiliated with Muğla Metropolitan Municipality, to support a major upgrade of water infrastructure in the Muğla region of Türkiye.
The financing will support the rehabilitation and modernization of water transmission and distribution infrastructure in the province, including the construction and rehabilitation of reservoirs and transmission pipelines, as well as the development and expansion of Supervisory Control and Data Acquisition (SCADA) systems. The project is aimed at reducing water losses, improving the efficiency and reliability of drinking water services and strengthening the resilience of Muğla’s water infrastructure to the effects of climate change. It also represents a trigger investment under the EBRD Green Cities programme, supporting Muğla’s participation in the programme and the development of a Green City Action Plan.
The financing was signed against the backdrop of the Mediterranean Climate Summit held in Muğla and in the run-up to COP31 in Türkiye, at a time of increased focus on climate finance, water resilience and the role of cities in addressing the effects of climate change across the Mediterranean region. The financing comprises a €52.9 million loan funded from EBRD’s ordinary capital resources and a €10 million loan financed from the special fund resources of the Clean Technology Fund (CTF), a multilateral climate fund supporting investments in clean technologies and climate resilience. Muğla Metropolitan Municipality is providing an irrevocable guarantee in respect of MUSKİ’s obligations under the financing.
Dentons acted as English law counsel to EBRD, advising on the financing structure and the drafting and negotiation of the financing agreements. Partner Tamsyn Mileham led the transaction, assisted by Lara Battal, Can Demirkan and Defne Çelik.
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