Seyda Duman

Primary Focus & Experience

Seyda has extensive experience advising commercial banks, export credit agencies, other multilateral finance institutions and project sponsors, on a variety of cross-border project financings in various industries and sectors.

Her relevant experience includes advising:

HoldCo / Portfolio financings:

• Enfinity Global Inc, as sponsor, in connection with the €500 million HoldCo financing of its portfolio of solar panel projects in Italy. The facility includes an accordion tranche which allows the entire financing to be increased up to €800 million, making it one of the largest financings of its type in the European market.
• The lenders to Aukera in connection with the financing of a portfolio of solar, wind and BESS projects in Germany, Italy, Romania, and the UK.
• The lenders in connection with a financing to Sonnedix Power Holdings, indirect owner of a portfolio of 1.3 GW of solar PV projects located in France, England, Italy, Spain, and other jurisdictions.
• EIG Global Energy Partners with respect to the financing of Bioenergy Infrastructure Group’s holdco financing of UK biomass projects.

Renewable Energy

• EBRD, OPIC and IFC in connection with the US$400 million financing of the 252MW Lekela West Bakr Wind Project located on the Gulf of Suez in Egypt.
• The lenders on the financing of the Seagreen offshore project in the UK.
• The Lenders and ECAs (commercial banks, UKEF, Euler Hermes, KEXIM, K-sure, NEXI, Riksgälden, EIB and BPIAE) to the Northern Lights and Snowball financing and expansion financing of Europe’s largest battery gigafactory.

Other energy and infrastructure

• Athens International Airport S.A. as issuer of over €1.1 billion bond loans made available to it for the management and operation of Athens International Airport. National Bank of Greece S.A. acted as, amongst other roles, underwriters, and mandated lead arrangers.
• The ECAs and commercial lenders in the Yemen LNG Project and its subsequent restructuring.
• Industrial and Commercial Bank of China Limited ("ICBC") in connection with a proposed financing for a greenfield cement project developed by the borrower in Morocco.

Mining

• The multi-laterals (including IFC and ADB), the ECAs (including EDC, Euler Hermes, Finnvera and EKN) and the commercial banks on the Reko Diq Copper-Gold Project in Pakistan.
• The lenders in connection with the senior debt financing for the acquisition by ACG of the Serrote and Santa Rita Nickel Projects in Brazil from Appian.
• The project financing for the Araguaia Nickel Project in Brazil, sponsored by Horizonte Minerals PLC (named “Latin America Deal of the Year” by TXF Perfect 10 and “Global Deal of the Year” by Mines & Money).
• The ECAs, DFIs and commercial banks in connection with the US$4.4 billion financing for the Oyu Tolgoi Copper and Gold Mining Project in Mongolia, and most recently the reprofiling of this Project.
• The lenders in connection with the €680 million project bond financing for the development of the Skouries Copper and Gold Mining Project in Northern Greece.
• KfW IPEX-Bank and the Lenders in connection with the Sangdong Tungsten Project in the Republic of Korea.
• The ECAs and a DFI on the proposed expansion of the Tasiast Gold Mine in Mauritania.
• In connection with the proposed project financing and pre-export financing for the Cobre Panama Copper Project in Panama.
• The ECAs and DFIs on the US$269 million financing for the Moma Titanium Project. This deal was named as "Financing Deal of the Year" by Mining Journal and as "African Mining Deal of the Year" by Project Finance magazine.
• The borrower on the Platreef platinum group metals and gold deposit project in South Africa.
• EBRD on Centerra's corporate financing and Öksüt Gold Mine project.

Türkiye

• Türkiye Varlık Fonu and Ziraat Bankası in relation to the restructuring of the holding company shareholder arrangements, related debt facilities provided by Ziraat Bankası and Türkiye Varlık Fonu’s agreement to acquire 26.2% of the shares of Turkcell.
• ECAs and lenders in connection with the restructuring of a 927MW combined cycle gas fired power plant, located 50 km east of Ankara near the city of Kirikkale.
• The sponsors, Mitsubishi Heavy Industries, Ltd, ITOCHU and GDF Suez on the negotiation, development, and financing of the Sinop Nuclear Power Project.
• Akcez on the acquisition and project financing of the SEDAŞ electricity supply and distribution business.
• The export credit agencies and lenders on the due diligence and finance documents for the STAR Refinery Project in Türkiye.
• The European Investment Bank in relation to the long-term senior project financing of a wind farm in the region of Osmaniye in Southern Türkiye.
• TAQA in relation to the host government agreement and project documents for the acquisition and greenfield development of lignite power plants and adjacent mines in Afşin-Elbistan. This involved negotiation of a host Government Agreement with the Turkish Ministry of Energy and Natural Resources. It also involved negotiating joint venture agreements with EÜAŞ, the state-owned Turkish generating company.
• The European Investment Bank and The European Bank of Reconstruction and Development on the Eurasia Bosphorus Tunnel Project.
• The successful Koç, Gözde, UEM consortium for the privatisation of the bridges, highways, and connected facilities in Türkiye.
• Zorlu Enerji on the refinancing of its corporate credit line.
• Commercial Bank of Qatar on a bilateral term loan to T.C. Ziraat Bankası.
• The Lenders and facility agent on a EUR322.5m and USD288.5m dual tranche dual currency club loan provided to C. Ziraat Bankası led by Bank of America with Citibank as agent (also advised on many refinancings of this loan).
• The lenders and facility agent on a EUR250m and USD120m dual tranche dual currency club loan provided to Türk Ekonomi Bankası led by Standard Chartered Bank with BNP Paribas as agent (also advised on many refinancings of this loan).
• The lenders and export credit agencies on the USD2.1bn financing package for Türkiye Petrol Rafinerileri A. Ş. in relation to a modernisation and upgrade of its refinery facilities at Izmit.
• The lenders and facility agent on a EUR572.6m and USD404.5m dual tranche dual currency club loan provided to Türkiye İş Bankası A. Ş. led by Standard Chartered Bank with ING N.V., London Branch as agent.
• The lenders and facility agent on a EUR742.5m and USD241m dual tranche dual currency club loan provided to Türkiye İş Bankası A. Ş. by a syndicate of 53 lenders led by Standard Chartered Bank with Sumitomo Mitsui Banking Corporation as agent.

Recognition & Accomplishments

Seyda has been recognised as a Next Generation Lawyer and a Next Generation Partner in both Emerging Markets and Mining & Minerals by Legal 500 and recently co-authored the UK chapter for “Getting the Deal Through’s” Electricity Regulation 2024 guide.

Seyda is also a fluent Turkish speaker and has extensive experience in Türkiye.  Prior to joining Milbank, she was an associate at a “Magic Circle” law firm and during her time there, moved to Istanbul to support the establishment and development of the firm’s office in Istanbul.