Country CFO · ACWA Power · Türkiye & Azerbaijan
Umut Kaydan
Chief Financial Officer Energy & Infrastructure Finance
I finance energy and infrastructure investments — from engineering due diligence to financial close and COD.
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20+
Years across energy, infrastructure, petrochemicals and shipping
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US$3.3bn
STAR Refinery project finance loan — the largest in Türkiye by loan amount
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US$1.3bn
Pre-IPO placement with Goldman Sachs & JPMorgan
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~US$2bn
Annual FX, interest-rate and commodity hedging portfolio
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Engineering judgement, financial discipline
I started out as a mechanical engineer, first at METU and then at ETH Zürich, and moved into finance with an Executive MBA from ITU. That combination shapes how I work: I read a project's technical risks, contracts and regulatory framework, and translate them into a bankable financial structure.
Over two decades I have structured and closed project finance, ECA-backed and equity transactions for refineries, ports, hydro, solar, wind and desalination assets, and built and strengthened finance organisations: IFRS reporting, treasury, budgeting and internal control. Today, as Country CFO of ACWA Power for Türkiye and Azerbaijan, I lead all financial activities of its project companies, O&M companies and SPVs.
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Project Finance
Non- and limited-recourse structuring, debt sizing, security packages, from financial close to COD.
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Debt & Equity Financing
ECA and Hermes-covered loans, pre-IPO placements, equity bridge loans and stake sales.
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Treasury & Hedging
Cash management and FX, interest-rate and commodity hedging; former Financial Risk Committee member.
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IFRS Reporting & Control
IFRS and local GAAP reporting, audits, budgeting and internal control frameworks.
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Finance Organisation Build-out
Team structuring, role definitions, governance, and ERP / SAP FI-TRM alignment.
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Energy Markets & Regulation
Power and gas markets, EMRA regulation, balancing and settlement, tariff mechanisms.
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Selected transactions
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Petrochemicals & Refining
US$3.3bn
Non-recourse project finance
STAR Refinery
ECAs from 5 countries and 17 commercial banks; US$5.6bn project cost
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Petrochemicals & Refining
US$1.3bn
Pre-IPO placement
SOCAR Türkiye Enerji
13% stake to Goldman Sachs & JPMorgan, with a six-year physically-settled put option
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Petrochemicals & Refining
US$1.6bn
Letters of credit & guarantees
STAR Refinery
From A- or higher rated banks, against the sponsor's base and stand-by equity commitments
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Infrastructure
US$250m
30% stake sale
Petlim Port
Petkim's sale of 30% to Goldman Sachs International, with a seven-year put option
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Infrastructure
US$212m
Limited-recourse project finance
Petlim Port
1.3m TEU container terminal operated by APM Terminals; US$280m project cost
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Energy
US$161m + €175m
Project finance
Hydropower plants
99.5 MW and 280 MW HEPPs
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Energy
US$88m
Project finance · 9-year tenor
Bor/Niğde Solar Power Plant
130 MWp solar PV
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Energy
€40m
Hermes-covered loans · 10-year tenor
Ecogreen Enerji Holding
Long-tenor ECA-backed financing for a renewable energy group
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Energy
240 MW
Project finance, financial close to COD
Azerbaijan Wind Power Project
Fully operational since January 2026
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Infrastructure
EBL
Equity Bridge Loan
Caspian Sea Desalination Project
~300,000 m³/day SWRO plant, the first large-scale seawater desalination plant on the Caspian; project financing ongoing
Transactions I structured, executed or led during my tenure at the companies shown.
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Experience
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Aug 2024 – Present
Istanbul & Baku
ACWA Power
Country CFO, Türkiye & Azerbaijan
Developer, investor and operator of power generation and desalinated water plants: 111 assets in 15 countries, with a portfolio investment value of US$114.8bn.
- Lead all financial activities of ACWA's project companies, O&M companies and SPVs in Türkiye and Azerbaijan, with overall accountability for IFRS and local GAAP reporting, budgeting, tax and statutory filings.
- Led financial close and project finance execution through COD for the 240 MW wind power project in Azerbaijan; completed the Equity Bridge Loan for the Caspian Sea desalination project and lead its ongoing project financing.
- Supported the debt restructuring and buy-out of the 925 MW CCGT power plant in Türkiye.
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Nov 2023 – Oct 2024
Istanbul
Primevo
Managing Partner, Financial Services
Provided outsourced CFO, finance, tax and strategic advisory services to mid- and large-scale corporates.
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Oct 2021 – Nov 2023
Denizli
Ecogreen Enerji Holding
Deputy General Manager (CFO)
Renewable energy holding with solar, biomass and biogas power plants and an organic–organomineral fertiliser facility.
- Served as CFO and Deputy CEO, responsible for group finance, treasury, IFRS / Turkish GAAP reporting, budgeting, tax and internal control.
- Structured and closed a US$88m, 9-year project finance loan for the 130 MWp Bor/Niğde solar project, a US$16m, 7-year facility for the fertiliser plant and EUR 40m of 10-year Hermes-covered loans.
- Developed the IPO strategy and built the infrastructure for public-offering readiness.
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Mar 2021 – Oct 2021
Istanbul
Active Shipping & Management
Chief Financial Officer
Shipping business of Umur Holding, owning and managing tanker, bulk carrier and coaster fleets.
- Coordinated the refinancing of 3 bulk carriers and the financing of 2 new tankers.
- Established the management reporting system and integrated fleet management with accounting and reporting platforms.
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Jan 2018 – Mar 2021
Ankara
Energo-Pro Türkiye
Deputy General Manager / Finance Director (CFO)
Czech-origin independent power producer with 862 MW of hydropower in operation across Central and Eastern Europe, the Black Sea and the Caucasus.
- Structured and managed project finance loans of USD 161m for a 99.5 MW HEPP and EUR 175m for a 280 MW HEPP; monitored obligations under EUR 620m of Eurobonds.
- Managed all finance operations of 7 operating companies in Türkiye and led the finance, HR, IT and administrative units.
- Built feasibility studies and financial models for 74 solar auctions totalling 1,000 MW, tendered by the Ministry of Energy.
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May 2013 – Dec 2017
Istanbul
SOCAR Türkiye Enerji
Group Finance Manager
Group behind the STAR Refinery, Petkim, Petlim Port and Petkojen investments.
- Executed the non-recourse project financing of the US$5.6bn STAR Refinery: a US$3.3bn loan from ECAs of 5 countries and 17 banks, the largest project finance transaction in Türkiye by loan amount and the longest by tenor.
- Completed the US$1.3bn pre-IPO placement with Goldman Sachs and JPMorgan, the US$250m Petlim Port stake sale and US$1.6bn of letters of credit and guarantees for STAR's sponsor commitments.
- As a member of the Group Financial Risk Committee, coordinated FX, interest-rate and commodity hedging for a portfolio of ~US$2bn annually.
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Sep 2012 – May 2013
Izmir
Petkim Petrochemical Holding
Finance Manager
Closed an EBRD (MidSEFF) EUR 30m loan and a JBIC & NEXI US$101.5m ECA loan within six months, and led the financing of the Petlim Port project.
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Oct 2009 – Sep 2012
Istanbul
TSKB
Project Finance Manager
Industrial Development Bank of Turkey.
- Completed project financing for ~450 MW of hydro, 1,500 MW of thermal and 90 MW of wind capacity, totalling US$600m in loan allocations.
- Led end-to-end evaluation of non- and limited-recourse transactions: financial modelling, debt sizing, covenants and security packages.
- Drafted and negotiated term sheets, loan and security agreements, and managed syndication and lender coordination.
Early career 2001–2009
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2007–2009 · Istanbul
ENERGAZ, Strategy & Business Development Specialist
Feasibility studies, financial models and valuations for gas and electricity businesses; project team member in the Başkentgaz privatisation tender (2008).
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2006–2007 · Denizli
Kentgaz, Business Analyst
Organisation design, ERP implementation, network balancing and gas sales contracts.
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2004–2006 · Zürich
Canton of Zürich, Department of Youth and Education, Educational Counsellor
Information sessions on the Swiss education system and career pathways, alongside graduate studies.
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2001–2002 · Denizli
Abalıoğlu Group, Management Trainee
Scholarship-based executive development programme; capacity utilisation analysis and preventive maintenance planning.
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Education
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2004–2006
ETH Zürich
MSc, Mechanical and Process Engineering
Swiss Federal Institute of Technology Zurich
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1997–2001
METU
BSc, Mechanical Engineering
Middle East Technical University, Ankara
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2007–2008
ITU
Executive MBA, Minor in Finance
Istanbul Technical University
Training & certifications
- 2015The Regulation of the Power Sector Florence School of Regulation, 20 weeks
- 2013Comprehensive IFRS Training Programme Deloitte Academy
- 2011Day-Ahead Market & Market Management System Energy Experts Association
- 2010Energy Efficiency Applications in Germany and in Industry KfW Development Bank
- 2010Emissions Trading Mechanisms & Carbon Finance GAIA Carbon Finance
- 2010Procurement under World Bank Guidelines World Bank, Ankara Office
- 2010Advanced Financial Analysis, Financial Mathematics, Company Valuation The Banks Association of Turkey (TBB)
- 2009Equator Principles & ESIA Procedures Golder Associates
- 2006Business Tools: Project Management, Business Planning ETH Zürich
- 2000–01Certificate of Banking and Finance Research Institute of Bank and Trade Law, İş Bankası Foundation
Languages
- EnglishAdvanced
- GermanAdvanced
- SpanishBeginner
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Let's talk
For board, advisory and executive opportunities, or to discuss a financing, LinkedIn is the best way to reach me.
linkedin.com/in/umut-kaydan-9b62731a