Renewable Energy Opportunities in Turkey

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					From the April 12, 2010 interview distributed by the Anadolu Agency, the leading Turkish news service, written
by Ozlem Sahin Sakar (translation provided by Chadbourne), which was widely published in the Turkish press.

Renewable Energy Opportunities in Turkey

                            New York’s former           energy sectors are keen on renewable energy
                        Governor George Pataki,         opportunities in Turkey.”
                        counsel at international law
                                                             Noting the similarities of the energy sectors in
                        firm Chadbourne & Parke:
                                                        Turkey and the U.S., Pataki emphasized that Turkey
                        • “Turkey has great             imports 70% of its energy, especially natural gas,
                          potential in the renewable    from Russia and Iran, while the U.S. similarly
                          energy sector.”               obtains almost 60% of its oil from external resources.
                                                        “When I consider Turkey and the U.S. in this respect,
                        • “Western companies
                                                        I view renewable energy as a great opportunity
                           operating in the U.S. wind
                                                        from an economic, environmental and national
Gov. George E. Pataki      and solar energy sectors
                                                        security perspective,’’ Pataki said.
                          are keen on pursuing
                          opportunities in Turkey.”         Governor Pataki mentioned that renewable
                                                        energy resources would encourage economic
• “Domestic renewable energy will enhance the
                                                        growth, and that Turkey would benefit
  country’s geopolitical safety.”
                                                        environmentally from such resources as these
    NEW YORK (A.A) — 04.12.2010 —Former New             resources generate almost no carbon emissions.
York Governor George Pataki, currently counsel at
                                                            Emphasizing the importance of renewable
the international law firm of Chadbourne & Parke,
                                                        energy resources for national security, Pataki stated
said that the Turkish renewable energy sector has
                                                        that, instead of depending on foreign resources for
significant potential.
                                                        heating and electricity (such as the U.S.’s
    Speaking at New York’s Rockefeller Plaza, the       dependency on external sources for oil), developing
headquarters of the international law firm, which       and using domestic alternative energy resources
has about 500 attorneys and 12 offices including        enhances a country’s geopolitical safety.
three in the U.S., Governor Pataki answered Anatolia
                                                              Pataki said, “Turkey’s economy is growing and I
news agency’s questions about renewable energy
                                                        am very optimistic about its future. While the U.S.
opportunities in Turkey and around the world.
                                                        still has work to do on advancing its clean energy
    Governor Pataki said that a successful panel on     production, Turkey would like to do the same. For
“Renewable Energy Opportunities in Turkey” was          that reason, we are experiencing a very exciting
organized by the American Turkish Society and           period.”
sponsored by Chadbourne & Parke and added that
Turkey possessed significant potential in the           Meeting with Prime Minister Erdoğan
renewable energy sector.
                                                             Mentioning a meeting with Turkish Prime
    Noting the need to invest $80 billion for energy    Minister Recep Tayyip Erdoğan about 1.5 years ago
generation within the next 10 years in Turkey,          in Istanbul’s Dolmabahçe Palace, Pataki said that he
Pataki said, “as Turkey’s population grows, its         had a great conversation with the Prime Minister
economy is also expanding and it is securing a more     about Turkey’s future and global political issues.
important place among other countries. In this          Pataki added that when he asked Prime Minister
context, electricity generation is one of Turkey’s      Erdoğan what the biggest issue he was facing as the
most significant problems.”                             Prime Minister of Turkey was, Erdoğan responded
    Governor Pataki emphasized that Turkey had          “energy,” and stated that Turkey needed its own
significant hydroelectric, solar and wind energy        resources to generate energy instead of depending
potential, and said, “I know that Western               on foreign countries.
companies operating in the U.S. wind and solar
Renewable Energy Opportunities in Turkey                                                                      2

     Pataki mentioned that not only Turkey, but also     industry in Germany is economically advanced
countries like the U.S., Germany and other Central       through similar incentives.
Europe nations were concerned about excessive
                                                              Pataki noted that while the Turkish
dependence on Russian natural gas. He said, “But in
                                                         government and parliament were aware of the
Turkey you have these resources. You rank second in
                                                         necessities of providing such incentives, and while
Europe for solar energy capacity. You have incredibly
                                                         the renewable energy law of 2005 included certain
strong wind resources and geothermal energy
                                                         incentives, certain investors did not find them to be
opportunities on the Aegean and Mediterranean
                                                         satisfactory. Pataki further stated that he hoped to
coasts. Moreover, the Turkish government has
                                                         see the new draft of the law providing the necessary
announced its support in initiating hydropower
                                                         incentives to drive investments into Turkey, leading
projects. All these will advance Turkey’s
                                                         to the growth of the renewable energy sector.
environmental adaption, economic growth and
lower dependence on foreign energy resources. For             Pataki said that he served as the Governor of
all these reasons, we are going through an exciting      New York for three consecutive terms for a total of
period and we have opportunities ahead.”                 twelve years, and after his service, he decided to join
                                                         an international firm that had an active practice in
Renewable Energy Law Draft                               the ‘‘renewable energy’’ industry, with global
                                                         experience particularly in emerging markets, and
     Governor Pataki, indicating that Turkey’s
                                                         that Chadbourne & Parke is especially strong in this
renewable energy law amendment is still in
progress, said the amended law should provide
sufficient incentives for investors to attract them to       Governor Pataki stated that Ayşe Yüksel, head of
this sector. Pataki added that, during the process of    Chadbourne & Parke’s “Turkey, Middle East and
amending the law, he hopes to see a discussion           North Africa (Turkey/MENA) Group” was highly
between the Turkish government and the global            successful, that the firm had 5 Turkish lawyers, and
business community to identify the necessary steps       that the firm was involved in important projects in
for attracting investors into this field.                Turkey.

    Emphasizing that Turkey can also become a                 In response to a question relating to the use of
major manufacturer of solar panels, Governor Pataki      renewable energy resources in the struggle against
said, “Turkey is already a manufacturing country, so     global climate change, Pataki indicated that the use
there is no reason for Turkey not to become a major      of such resources is a significant and positive step
manufacturer in the solar panel sector.”                 towards “a reduction in the dependency on the old
                                                         and dirty technology.” Former Governor of New York
     In response to a question regarding the
                                                         said that while countries grow their economies and
economic profitability of renewable energy
                                                         expand their energy resources, such countries and
resources, Governor Pataki said that in the
                                                         the international communities will benefit from
renewable energy field, as seen specifically in the
                                                         the usage of zero-carbon emission energy options
U.S. and Germany, government incentives are
                                                         such as solar, wind, and other renewable energy
crucial in the initial phases, and that only with such
support can the businesses function economically.
                                                             Pataki also expressed that renewable energy
    Pataki gave the example that the U.S.
                                                         resources help maintain a resource balance around
government can provide “cash assistance” for the
                                                         the world, such that by using these new resources,
30% of the projects in the renewable energy sector,
                                                         the world can prevent certain countries from having
and federal loan guarantee for the 80% of the
                                                         a energy-exporting monopoly and earning excessive
remaining part of the projects, thus reducing the
                                                         profits from the countries that lack the domestic
overall costs. Pataki mentioned that with such
                                                         energy resources.
government support, the energy produced from
renewable resources in different states of the U.S. is
thus priced reasonably, and that the solar energy