Baker McKenzie: Commerzbank SERV Guarantee for Calik Enerji
Baker McKenzie Advises Commerzbank on PLN 1.17 Billion Polish Power Plant financing
Table of Contents
Published November 3, 2025
Deal Overview
Baker McKenzie Switzerland advised Commerzbank Aktiengesellschaft (Zurich branch) on a PLN 1,166,286,000 (approximately €268.5 million as of november 3, 2025) guarantee facility agreement. The agreement, primarily covered by Swiss Export Risk insurance (“SERV”), supports Calik Enerji Swiss AG (“Calik Enerji swiss”).
The financing is linked to an Engineering, Procurement, and Construction (EPC) contract between Calik Enerji Swiss and Çalık enerji san. ve Tic. A.Ş. (“Çalık Enerji”) for the construction of a 1,336 MW combined-cycle power plant in Kozienice, Poland. This plant will feature hydrogen-ready technology.
Legal counsel and Parties Involved
Baker McKenzie served as the sole legal counsel to Commerzbank, handling all Swiss and Turkish law aspects of the transaction. The team was led by Partner Markus Wolf (Banking & Finance, Switzerland) and included Associate Sammy Guidoum (Banking & Finance, Switzerland), Trainee Lawyer Valentina Biland (Banking & Finance, Switzerland), and colleagues from Esin Attorney Partnership Istanbul (Baker McKenzie Istanbul): Partner Muhsin Keskin and Associate Seray Karaalp.
Çalık Enerji guarantees the facility. Commerzbank Aktiengesellschaft (Zurich branch) provides the financing, leveraging its position as a leading European bank in trade and export finance, particularly within the Swiss market.
Company Background
Calik Enerji Swiss, headquartered in Lucerne, Switzerland, is a key EPC subsidiary of the Çalık Enerji group. It focuses on delivering international energy and infrastructure projects utilizing the Swiss supply chain.
Çalık Enerji, based in Istanbul, is a diversified energy company with operations spanning EPC, power distribution, and renewable energy across Türkiye, Central Asia, the Middle East, Africa, and Eastern Europe.