White & Case LLP has advised International Finance Corporation (IFC) on its agreement to subscribe for 23 percent of the shares of UNIT Investment NV, the power sector development and investment arm of UNIT Investments S.A.

IFC is a member of the World Bank Group and is the largest global development institution focused exclusively on the private sector. UNIT is a developer of power plants across Turkey, Eastern Europe and the Middle East. It is also currently in advanced development of the 1260-megawatt Zakho CCGT power project in Iraq, for which IFC is the mandated lead arranger.

IFC and Unit will raise US$365 million for Unit Investment NV, which will be used to strengthen the company's balance sheet and support its growth and expansion with the development of new independent power plant projects in Europe and Middle East. The transaction represents one of IFC's largest equity investment in the power infrastructure industry in Turkey.

The White & Case team comprised of lawyers based in the Abu Dhabi, Doha, Ankara and Istanbul offices, led by partners Margaret Cole and Michiel Visser and associates Salim Azzam and Mohamed Hasan.