Türkiye – a Mega Project under the umbrella of an Inter-Governmental Agreement
Context
In April 2012, Tom Teerlynck was appointed by TAQA (Abu Dhabi National Energy Company) to identify an attractive investment opportunity in Türkiye. The company had no presence in the country, and the objective was ambitious: to secure a large-scale entry into the Turkish energy sector through acquisition and development.
Tom quickly assembled and led a multidisciplinary team to explore the market, evaluate opportunities, and engage with government stakeholders. After initial assessments, he identified the Afşin-Elbistan lignite basin as a high-potential entry point—an area where Türkiye sought to develop up to 8,000 MW of power generation capacity.
At the time, other international players (including large Chinese and Korean utilities) were already in advanced discussions with the Turkish government on that project. Tom quickly advanced direct engagement with the Ministry of Energy. By October 2012, the Governments of Türkiye and Abu Dhabi had signed a Joint Declaration. This paved the way for a landmark Inter-Governmental Agreement (IGA), signed in January 2013.
The IGA—valued at nearly USD 12 billion—covered:
Acquisition and modernization of the existing 1,400 MW Plant B
Development of up to 7,000 MW of new power capacity
Associated development of lignite mining operations
Following the IGA's signing, Tom led intense negotiations to finalize the detailed project agreements. He also worked in parallel with his team on the due diligence for the existing plant and guided the development of the next 1,400 MW power plant.
The negotiations involved multiple parties. Initially slow, negotiations began to stall as parties dug into their positions. Through a revised and streamlined negotiation approach - limiting negotiations to a core group of four - Tom managed to finalize the key project agreements by May 2013.
Approach
Tom led the initiative on behalf of TAQA, working in close coordination with internal leadership, his team, external advisors, government counterparts, and utilities. His role blended strategy, relationship-building, and hands-on execution:
Strong Personal Involvement: Ensured constant and proactive leadership throughout the process.
Navigated Political Terrain: Built high-trust relationships across ministries, authorities, and national utilities.
Value Proposition: Clearly articulated TAQA's value and vision for the project, ensuring alignment with stakeholders.
Process Discipline: Managed proposal turnarounds, clarifications, and agreements with speed and precision.
Flexible Strategy: Adapted the negotiation process as events unfolded and new challenges emerged.
Determination & Persistence: Demonstrated a relentless drive to push through roadblocks.
High Ownership: Took full responsibility for the success of the project, remaining available and committed at all times.
Although the project ultimately stalled due to external geo-economic developments, the structure, progress, and trust established through Tom’s approach became a lasting reference for future complex deals.
As Tom reflected: “Every day in a project can bring a new obstacle—one that may put the entire effort at risk. Staying on top of the process, with diligence and day-to-day focus, is at the heart of successful development.”
Fact Sheet
Client
TAQA (Abu Dhabi National Energy Company)
Role
Leading strategic market entry, project origination, intergovernmental negotiation, and team coordination
Timeframe
2012-2013
Investment Value
Up to USD 12 billion
Power Capacity
Acquisition of 1,400 MW
Development of up to 7,000 MW