Discover the hidden liabilities foreign investors must investigate before acquiring an energy company in Turkey. Learn about EMRA licensing, regulatory sanctions, grid agreements, environmental risks, project finance, tax liabilities, competition approval, land rights, and SPA protections in this comprehensive 2026 legal guide.

Acquiring an energy company in Turkey can provide immediate access to generation assets, grid capacity, operating permits, experienced personnel, established revenue streams, and a developed project pipeline. Transactions may involve solar and wind companies, hydroelectric or geothermal plants, natural gas facilities, electricity suppliers, energy traders, charging network operators, storage projects, or companies holding renewable energy pre-licenses.

The apparent value of an energy company, however, may be materially different from its real legal and commercial value. A profitable target may carry undisclosed regulatory violations, defective land rights, unpaid grid charges, environmental obligations, construction claims, tax assessments, financing defaults, shareholder disputes, or licenses that cannot be used as the purchaser expects.

These risks are especially important in share acquisitions. When an investor purchases the shares of a Turkish energy company, the target continues to exist with its historical assets, contracts, debts, administrative exposure, and contingent liabilities. The buyer therefore acquires not only the business but also the legal consequences of its previous operations.

Turkey’s electricity sector is principally governed by the Electricity Market Law No. 6446, the Renewable Energy Law No. 5346, the Turkish Commercial Code, EMRA regulations, environmental legislation, competition rules, tax law, real estate law, and project finance documentation. Foreign investors are generally subject to the same rights and liabilities as domestic investors, but they must also satisfy all sector-specific regulatory requirements applicable to the target company.

This 2026 Updated Legal Guide explains the most significant hidden liabilities that foreign investors should identify before acquiring an energy company in Turkey.

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Why Hidden Liabilities Matter in Energy M&A

Energy companies are highly regulated businesses whose value depends on interconnected legal rights.

These include:

• Energy market licenses.
• Generation or supply rights.
• Grid connection capacity.
• Land ownership and easements.
• Environmental permits.
• Construction and operating approvals.
• Project finance arrangements.
• Long-term commercial contracts.
• Government incentives.
• Regulatory compliance history.

A defect in any one of these areas may reduce project revenue, delay operations, trigger administrative sanctions, or undermine the entire investment.

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Share Purchase or Asset Purchase?

The acquisition structure determines which liabilities may transfer to the buyer.

Share Purchase

In a share purchase, the buyer acquires the target company itself. The company retains:

• Existing contracts.
• Employees.
• Licenses and permits.
• Loans and security interests.
• Tax history.
• Pending litigation.
• Regulatory exposure.
• Environmental obligations.

The principal risk is that historical liabilities remain inside the acquired company.

Asset Purchase

In an asset purchase, selected assets and contractual rights are transferred individually.

This structure may offer greater control over assumed liabilities, but it may require:

• Separate land transfers.
• Contract assignments.
• Lender approvals.
• Regulatory permissions.
• New licenses or amendments.
• Employee transfer analysis.
• Tax and VAT planning.

An asset purchase does not automatically guarantee that all historical risks are excluded. Certain environmental, employment, public-law, or successor-related liabilities may still require individual assessment.

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1. Defective or Non-Compliant Energy Licenses

The target’s energy license is often its most valuable legal asset.

Due diligence should verify:

• License type.
• Licensed activity.
• Installed capacity.
• Facility location.
• Generation source.
• License duration.
• Expiry date.
• Special conditions.
• Previous amendments.
• Ongoing compliance obligations.

The license details must correspond to the company’s actual operations. Unauthorized changes in capacity, technology, project site, storage configuration, or corporate structure may create regulatory exposure.

EMRA’s licensing framework regulates licensing conditions, amendments, corporate changes, and ongoing license obligations in the electricity market.

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2. Unfulfilled Pre-License Obligations

A company holding a pre-license may still be required to complete significant development milestones before receiving a generation license.

These may include:

• Securing land rights.
• Obtaining zoning approvals.
• Completing environmental processes.
• Obtaining construction-related permissions.
• Satisfying technical obligations.
• Meeting regulatory deadlines.
• Completing required corporate actions.

A missed deadline or incomplete obligation may jeopardize the project.

The buyer should not value a pre-licensed project as if it were already an operating and fully licensed power plant.

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3. Undisclosed EMRA Investigations

A target company may be subject to:

• EMRA audits.
• Information requests.
• Regulatory reviews.
• Administrative investigations.
• License compliance examinations.
• Administrative fine proceedings.
• License suspension or cancellation risks.

A data room containing only the current license certificate is insufficient. Investors should review all historical EMRA correspondence, inspection records, defenses, warnings, and decisions.

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4. Unapproved Share or Control Changes

Energy sector transactions may require regulatory review depending on:

• The target’s license type.
• The stage of the project.
• The percentage of shares transferred.
• Whether direct or indirect control changes.
• The identity of the acquiring entity.
• Existing regulatory restrictions.

Indirect transactions at the foreign parent-company level may also alter control over a Turkish license holder.

The share purchase agreement should not permit closing until all required regulatory permissions, notifications, and waiting periods have been completed.

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5. Competition Authority Approval Risk

Energy acquisitions may require approval from the Turkish Competition Authority where the transaction constitutes a merger or acquisition and the applicable turnover thresholds are exceeded.

Turkey updated its merger-control framework in 2026. The revised thresholds include a TRY 1 billion individual threshold, a TRY 3 billion Turkish turnover threshold, and a TRY 9 billion worldwide turnover threshold, subject to the detailed tests contained in the applicable rules. The analysis must be completed on the basis of the parties, transaction structure, control acquired, and relevant turnover calculations.

The updated guidelines also clarify control, joint ventures, turnover calculation, transaction aggregation, and coordination risks involving parent companies.

Closing a notifiable transaction without clearance may expose the parties to administrative sanctions and transaction-related complications.

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6. Grid Connection Rights That Are Not Secure

An electricity generation company may own land and equipment but still lack commercially reliable grid access.

Investors should examine:

• Connection opinion.
• Connection agreement.
• System usage agreement.
• Allocated capacity.
• Connection point.
• Voltage level.
• Completion timetable.
• Required investments.
• Curtailment provisions.
• Default and termination rights.

Grid rights should match the installed and licensed capacity of the facility.

A project with disputed, conditional, or insufficient connection capacity may be worth substantially less than projected.

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7. Outstanding Grid and System Usage Charges

The target may owe:

• Connection fees.
• System usage charges.
• Reactive energy charges.
• Imbalance costs.
• Late payment interest.
• Penalties.
• Additional technical investment costs.

Investors should reconcile the target’s internal accounting records with statements issued by TEİAŞ, the relevant distribution company, EPİAŞ, or other market participants.

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8. Electricity Market Settlement and Imbalance Exposure

Electricity market participants may face liabilities resulting from:

• Imbalance settlement.
• Incorrect meter data.
• Settlement disputes.
• Market participation errors.
• Collateral deficiencies.
• Delayed payments.
• Forecasting failures.
• Reconciliation adjustments.

These exposures may not appear clearly in ordinary financial statements because later corrections can affect prior settlement periods.

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9. Defective Land Ownership

Land due diligence should verify:

• Registered ownership.
• Parcel boundaries.
• Surface area.
• Project layout.
• Title annotations.
• Mortgages.
• Attachments.
• preliminary injunctions.
• Rights of third parties.
• Pending title litigation.

A power plant may occupy land that the target does not fully own or control.

Foreign-owned Turkish companies may also be subject to special procedures when acquiring certain real estate, depending on the company’s structure, the property, and the intended use.

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10. Expiring Lease, Easement, or Usufruct Rights

Many energy projects operate on:

• Privately leased land.
• Treasury property.
• Forest land.
• Agricultural land.
• Easement rights.
• Surface rights.
• Rights of way.
• Public land allocations.

The duration of the land right must cover the project’s anticipated operating life and financing term.

Due diligence should identify:

• Expiry dates.
• Renewal rights.
• Rent adjustment clauses.
• Termination rights.
• Change-of-control restrictions.
• Assignment restrictions.
• Restoration obligations.

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11. Missing Access and Transmission Easements

A project site may be legally secured while access roads, transmission lines, transformer areas, or cable routes remain dependent on third-party property.

The investor should verify legally enforceable rights for:

• Road access.
• Cable corridors.
• Transmission lines.
• Substation access.
• Water pipelines.
• Construction routes.
• Maintenance access.

Informal access arrangements create serious operational and financing risks.

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12. Agricultural and Forestry Restrictions

Renewable energy sites may require approvals concerning:

• Agricultural land use.
• Pastureland.
• Forest permits.
• Olive grove protections.
• Protected natural areas.
• Water basins.
• Archaeological areas.

A project may have been constructed under an approval that is temporary, contested, incomplete, or inconsistent with current use.

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13. Zoning and Construction Violations

Investors should review:

• Zoning plans.
• Development plan amendments.
• Construction permits.
• Building permits.
• Occupancy approvals.
• Municipal decisions.
• Demolition or stop-work orders.
• Non-compliant structures.

Technical operation does not cure unlawful construction.

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14. Invalid or Incomplete Environmental Impact Assessment

Environmental due diligence should determine whether the project:

• Required a full EIA.
• Received an “EIA Positive” decision.
• Received an “EIA Not Required” decision.
• Was expanded after the environmental approval.
• Changed capacity or technology.
• Complied with environmental commitments.
• Is subject to pending litigation.

An approval for the original facility may not cover later capacity increases, storage additions, auxiliary units, or revised project boundaries.

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15. Historical Pollution and Remediation Obligations

Energy companies may carry liabilities involving:

• Soil contamination.
• Groundwater contamination.
• Hazardous waste.
• Transformer oil.
• Chemical storage.
• Fuel leakage.
• Ash disposal.
• Geothermal discharge.
• Wastewater.
• Decommissioned equipment.

Environmental cleanup costs may materially exceed the purchase price adjustment negotiated for ordinary operational deficiencies.

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16. Administrative Environmental Fines

The target may have received:

• Environmental fines.
• Compliance notices.
• Waste management sanctions.
• Emission-related sanctions.
• Water discharge penalties.
• Suspension or closure warnings.

Investors should review not only paid fines but also the underlying conduct because repeated violations may indicate unresolved systemic problems.

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17. Unfunded Decommissioning Obligations

At the end of a project’s operating life, the company may be required to:

• Remove equipment.
• Restore the site.
• Dispose of panels or batteries.
• Rehabilitate land.
• Remove foundations.
• Terminate grid infrastructure.
• Comply with environmental closure procedures.

Financial models often underestimate these future costs.

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18. EPC Contract Claims

Outstanding EPC issues may include:

• Delayed completion.
• Defective construction.
• Failure to reach performance guarantees.
• Liquidated damages.
• Unresolved variation orders.
• Incomplete acceptance procedures.
• Warranty claims.
• Disputed final accounts.

The buyer must determine whether warranty periods remain active and whether claims have been preserved within contractual deadlines.

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19. Equipment Warranty Limitations

Solar panels, turbines, inverters, transformers, batteries, and control systems may be covered by warranties that are:

• Non-transferable.
• Conditional.
• Expired.
• Subject to maintenance requirements.
• Limited by exclusions.
• Dependent on manufacturer solvency.

A change of ownership or operator may require notice or consent to preserve warranty protection.

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20. O&M Agreement Liabilities

Operation and maintenance agreements should be reviewed for:

• Service levels.
• Availability guarantees.
• Performance standards.
• Fee escalation.
• Long-term commitments.
• Termination payments.
• Change-of-control rights.
• Liability caps.
• Subcontracting.
• Spare parts obligations.

An unfavorable O&M agreement can reduce the economic benefit of the acquisition for many years.

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21. Power Purchase Agreement Risks

Where the target sells electricity under a bilateral power purchase agreement, the buyer should review:

• Pricing.
• Indexation.
• Take-or-pay obligations.
• Volume commitments.
• Curtailment allocation.
• Imbalance liability.
• Credit support.
• Termination rights.
• Change-of-control clauses.
• Assignment restrictions.

A PPA that appears to guarantee revenue may contain termination triggers activated by the acquisition itself.

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22. YEKDEM and Incentive Eligibility

The investor should independently confirm:

• Whether the facility qualifies for the applicable support mechanism.
• The remaining support period.
• Applicable tariff.
• Domestic-content incentives.
• Application compliance.
• Metering eligibility.
• Historical incentive payments.
• Risk of repayment or clawback.

Future revenue projections should not rely solely on the seller’s assumptions.

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23. Hidden Project Finance Defaults

Loan agreements may contain defaults relating to:

• Debt service coverage.
• Financial ratios.
• Reserve accounts.
• Change of control.
• Additional indebtedness.
• Distributions.
• Regulatory compliance.
• Insurance.
• Material contracts.
• Project completion.

A company may appear current on repayment while remaining in technical default under its financing documents.

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24. Extensive Security Packages

Energy project lenders commonly take security over:

• Company shares.
• Project bank accounts.
• Land.
• Equipment.
• Receivables.
• Insurance proceeds.
• Material contracts.
• Commercial enterprise assets.
• Shareholder loans.

The buyer should identify every pledge, mortgage, assignment, and account control arrangement before signing.

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25. Lender Consent Requirements

The acquisition may require lender consent under:

• Loan agreements.
• Intercreditor agreements.
• Security documents.
• Hedging arrangements.
• Direct agreements.
• Sponsor support undertakings.

Closing without valid consent may accelerate the project debt or trigger enforcement rights.

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26. Undisclosed Tax Liabilities

Tax risks may involve:

• Corporate income tax.
• VAT.
• Withholding tax.
• Stamp tax.
• Property tax.
• Customs duties.
• Payroll taxes.
• Transfer pricing.
• Incentive compliance.
• Tax loss penalties.
• Late payment interest.

Investors should examine open tax years, current audits, tax settlement history, and uncertain tax positions.

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27. Customs and Import Liabilities

Energy companies often import:

• Solar modules.
• Wind turbines.
• Inverters.
• Transformers.
• Battery systems.
• Spare parts.
• Control equipment.

Customs risks may arise from incorrect tariff classification, origin declarations, valuation, investment incentive use, exemptions, or temporary import procedures.

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28. Employment and Social Security Claims

Hidden employee liabilities may include:

• Unpaid overtime.
• Severance entitlement.
• Notice compensation.
• Annual leave.
• Occupational accidents.
• Incorrect payroll.
• Unregistered employment.
• Social security assessments.
• Contractor employee claims.

Maintenance and construction personnel may also raise joint-employer or subcontracting risks.

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29. Occupational Health and Safety Exposure

Energy facilities create significant workplace hazards.

Due diligence should review:

• Workplace accidents.
• Fatal incidents.
• Safety inspections.
• Training records.
• Risk assessments.
• Personal protective equipment.
• Contractor safety.
• Criminal investigations.
• Compensation proceedings.

A serious pre-closing accident may generate civil, administrative, and criminal exposure after completion.

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30. Pending Litigation and Arbitration

The target may be involved in disputes concerning:

• EMRA decisions.
• Grid connection.
• Construction.
• Equipment supply.
• Land.
• Expropriation.
• Environmental approvals.
• Tax assessments.
• Employment.
• Shareholders.
• Financing.
• Insurance.

Investors should examine threatened claims as well as formally filed proceedings.

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31. Shareholder and Corporate Governance Disputes

Hidden corporate problems may include:

• Minority shareholder claims.
• Deadlock.
• Invalid capital increases.
• Unpaid capital.
• Related-party transactions.
• Unauthorized asset transfers.
• Dividend disputes.
• Director liability.
• Special audit demands.
• Defective corporate resolutions.

The Trade Registry file alone may not disclose these risks.

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32. Related-Party Transactions

A target may depend on contracts with seller-affiliated companies for:

• Management services.
• O&M.
• Equipment procurement.
• Land leases.
• Financing.
• Insurance.
• Electricity trading.
• Personnel.

These arrangements may be above market value or terminate automatically when the seller exits.

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33. Unrecorded Shareholder Loans

Shareholder loans may affect:

• Net debt.
• Closing payments.
• Security ranking.
• Tax treatment.
• Cash flow.
• Dividend capacity.
• Future financing.

Every shareholder balance should be reconciled and classified before determining enterprise value.

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34. Insurance Coverage Gaps

Insurance due diligence should cover:

• Property damage.
• Machinery breakdown.
• Business interruption.
• Third-party liability.
• Environmental liability.
• Employer liability.
• Natural disasters.
• Cyber risk.
• Construction risk.

Investors should examine claims history, exclusions, deductibles, policy limits, and insurer reservations.

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35. Cybersecurity and SCADA Risks

Energy companies depend on digital control systems.

Hidden risks may include:

• Outdated SCADA software.
• Unauthorized remote access.
• Weak cybersecurity.
• Data breaches.
• Vendor dependence.
• Inadequate backup.
• Unlicensed software.
• Poor incident response.

A cyber incident may interrupt generation and create regulatory, contractual, and data protection exposure.

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36. Personal Data Protection Violations

The target may process data relating to:

• Employees.
• Contractors.
• Customers.
• Visitors.
• CCTV recordings.
• Charging network users.
• Mobile applications.
• Smart-meter systems.

Non-compliance with Turkish personal data protection requirements may result in administrative sanctions and compensation claims.

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37. Corruption and Compliance Risks

Investors should assess:

• Interactions with public authorities.
• Permit consultants.
• Success fees.
• Agent payments.
• Sponsorships.
• Gifts and hospitality.
• Public procurement history.
• Third-party intermediaries.

A lack of accounting transparency may indicate broader compliance exposure.

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38. Revenue Concentration

A target may depend heavily on:

• One purchaser.
• One trader.
• One balancing group.
• One O&M contractor.
• One equipment supplier.
• One lender.
• One public incentive.

Commercial dependency may reduce the company’s resilience and valuation.

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39. Inaccurate Production and Availability Data

Historical production figures should be reconciled against:

• Meter records.
• EPİAŞ settlement data.
• Grid operator reports.
• Availability logs.
• Weather data.
• Curtailment records.
• Maintenance reports.

Seller-created summaries should not be accepted without independent verification.

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40. Unapproved Capacity Increases or Project Modifications

A facility may have expanded or altered:

• Installed capacity.
• Auxiliary source.
• Storage capacity.
• Turbine or panel configuration.
• Connection equipment.
• Site boundaries.
• Generation technology.

Changes that were not reflected in licenses, environmental approvals, zoning plans, or grid agreements may expose the company to sanctions or corrective obligations.

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How Buyers Can Protect Themselves in the SPA

Legal due diligence identifies risks; the Share Purchase Agreement allocates them.

The SPA should contain detailed protections regarding:

• Validity of all licenses.
• Absence of regulatory investigations.
• Compliance with EMRA obligations.
• Validity of land rights.
• Grid connection capacity.
• Environmental compliance.
• Tax liabilities.
• Financing and security.
• Litigation.
• Employees.
• Insurance.
• Material contracts.
• Production data.
• Incentive eligibility.
• No undisclosed liabilities.

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Specific Indemnities

General warranties may be insufficient for identified risks.

Specific indemnities may be required for:

• Existing tax audits.
• Environmental contamination.
• Pending EMRA proceedings.
• Land litigation.
• Construction defects.
• Employment claims.
• Grid settlement disputes.
• Customs assessments.
• Incentive clawbacks.

The indemnity should clearly regulate the covered liability, duration, financial cap, claim procedure, and payment mechanism.

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Escrow, Retention, and Deferred Consideration

Buyers may protect themselves through:

• Escrow accounts.
• Purchase price retention.
• Deferred payments.
• Earn-out mechanisms.
• Holdbacks.
• Bank guarantees.
• Parent-company guarantees.
• Warranty and indemnity insurance.

The protection should reflect the probability and potential value of identified liabilities.

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Conditions Precedent to Closing

Closing conditions may include:

• EMRA approval or notification.
• Competition Authority clearance.
• Lender consent.
• Release of security interests.
• Renewal of critical permits.
• Settlement of specified litigation.
• Correction of corporate records.
• Confirmation of grid rights.
• Third-party contract consents.

No transaction should close merely because the purchase price has been agreed.

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2026 Competition-Law Considerations

Foreign investors must include a current merger-control analysis in the transaction timetable.

Turkey revised its merger and acquisition rules in February 2026, raising notification thresholds and refining the definition of transaction parties. Updated guidance published in May 2026 further explains control, turnover, joint ventures, transaction aggregation, and coordination risks.

The Competition Authority examined 416 merger, acquisition, and privatization transactions during 2025, including significant activity in electricity generation, transmission, and distribution. This demonstrates the continuing importance of competition clearance in Turkish energy transactions.

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Energy Market Context for Foreign Investors

Turkey’s energy market remains open to private and foreign investment. The sector continues to expand renewable generation and storage, with significant solar, wind, hydroelectric, geothermal, and battery-integrated project capacity.

The general foreign investment framework is based on equal treatment, meaning international investors generally have the same rights and liabilities as local investors. This principle does not remove the need to comply with energy licensing, competition, land, environmental, and corporate rules.

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Practical Legal Due Diligence Checklist

Before acquiring an energy company, the investor should verify:

1. All licenses and pre-licenses.
2. EMRA correspondence and investigations.
3. Share transfer and control requirements.
4. Competition Authority filing obligations.
5. Grid connection and system usage agreements.
6. Land title, lease, and easement rights.
7. Zoning and construction permits.
8. Environmental approvals and liabilities.
9. EPC, O&M, and PPA obligations.
10. Project finance and security documents.
11. Tax and customs exposure.
12. Employment and workplace safety claims.
13. Litigation and arbitration.
14. Insurance coverage and claims history.
15. Cybersecurity and data protection.
16. Incentive eligibility.
17. Historical production and settlement data.
18. Related-party contracts.
19. Shareholder disputes.
20. Decommissioning obligations.

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Common Mistakes Made by Foreign Buyers

Foreign investors frequently:

• Review only the current license certificate.
• Assume licenses transfer automatically.
• Ignore indirect control changes.
• Underestimate environmental liabilities.
• Fail to verify grid capacity.
• Rely solely on seller production reports.
• Neglect lender consent requirements.
• Treat land access as a technical issue.
• Accept broad disclosure without document-level verification.
• Use generic SPA warranties.
• Close before obtaining regulatory clearances.
• Fail to quantify contingent liabilities.

These mistakes may transform an apparently profitable acquisition into a distressed investment.

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Frequently Asked Questions

1. Do all liabilities remain with the company after a share acquisition?

Generally, yes. The target company continues to hold its existing contractual, regulatory, tax, environmental, employment, and litigation exposure after the shares change ownership.

2. Can an energy license be transferred automatically with the shares?

A share acquisition does not necessarily eliminate regulatory approval or notification requirements. The transaction structure, license type, project stage, shareholding change, and control implications must be analyzed under the applicable EMRA rules.

3. Is Competition Authority approval always required?

No. Approval is required only where the transaction falls within the merger-control rules and applicable turnover thresholds. Turkey updated these thresholds and related guidance in 2026.

4. Can environmental liabilities remain hidden after closing?

Yes. Soil contamination, waste obligations, permit violations, remediation costs, and historical pollution may not appear in ordinary financial records. Independent environmental and legal due diligence is essential.

5. Why are grid agreements so important?

The commercial value of a power plant depends heavily on its ability to connect to and use the electricity system. Defective, conditional, insufficient, or terminable grid rights can substantially reduce project value.

6. Can the seller’s warranties fully protect the buyer?

Not always. Warranties are only as valuable as their wording, duration, financial caps, disclosure rules, enforcement procedure, and the seller’s ability to pay. Identified risks often require specific indemnities, escrow, or purchase price retention.

7. Should tax and customs reviews be separate from general legal due diligence?

Yes. Energy projects commonly involve complex VAT, customs, incentive, withholding, transfer pricing, and import issues that require specialist review.

8. Why should foreign investors hire a Turkish energy and M&A lawyer?

A Turkish energy lawyer can investigate licensing, grid, land, environmental, corporate, financing, tax, and contractual risks; coordinate regulatory approvals; negotiate the SPA and specific indemnities; structure closing protections; and help ensure that the acquisition complies with Turkish energy, competition, and commercial law.

Legal Support – Contact Our Energy and M&A Lawyers

Acquiring an energy company in Turkey requires more than confirming generation capacity and reviewing financial statements. The investment’s real value depends on the validity of its licenses, grid access, land rights, environmental approvals, financing arrangements, material contracts, and regulatory history.

Fırat Fesih Kaya and our legal team advise foreign investors, infrastructure funds, independent power producers, banks, EPC contractors, multinational energy companies, and institutional investors on energy company acquisitions, legal due diligence, EMRA licensing, project finance, renewable energy projects, competition approvals, shareholder agreements, regulatory investigations, international arbitration, and all aspects of Turkish energy and commercial law.

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