DLA Piper supports BBVA on USD36 million Sinosure-backed solar financing in Türkiye

Global law firm DLA Piper advised Banco Bilbao Vizcaya Argentaria, S.A., Hong Kong Branch (BBVA) on a USD36 million Sinosure-backed buyer's credit facility provided to GMC Solar for the financing of a 55MW solar power project in Niğde, Türkiye.

BBVA is a major Spanish multinational financial services company headquartered in Bilbao and Madrid, Spain. Founded in 1857, it operates as one of the largest global financial institutions, providing retail, wholesale, investment, and digital banking services across Spain, Mexico, Turkey, South America, and Asia.

This financing supports the development of a multi-site solar project and benefits from coverage provided by the China Export & Credit Insurance Corporation (Sinosure), demonstrating the continued importance of export credit agency-backed financing in facilitating renewable energy projects and supporting the global energy transition.

The transaction highlights DLA Piper’s strong capabilities in cross-border project finance and export credit agency (ECA)-backed transactions, particularly across emerging markets and within the renewable energy sector. By bringing together stakeholders across multiple jurisdictions, the deal reinforces the firm's ability to advise on complex financing arrangements that support the development of critical infrastructure and sustainable energy assets.

Naomi Hong, Of Counsel, who led the transaction, said: “The transaction underscores the important role of ECA-backed financing in enabling cross-border investment and supporting the development of renewable energy infrastructure. It also demonstrates the increasing relevance of export credit-supported structures in financing energy transition projects across emerging markets.”

The transaction further strengthens DLA Piper’s track record advising on complex international project finance and energy transactions. The firm’s Energy and Finance teams continue to support lenders, sponsors and borrowers on strategic projects across Asia, Europe, the Middle East and emerging markets, including recently advising on the development and financing of a 262 MWp solar and 80 MWh battery energy storage system (BESS) project in Indonesia.