Environmental & Sustainability Consulting for Complex Projects

Keystone Advisory Associates delivers science-based environmental advisory for infrastructure, energy, and industrial projects across Turkey and internationally.

Stakeholders & E&S risks
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Stakeholders
E&S risks
Keystone
40+
Years Experience
100+
Projects Delivered
30+
Countries
3
Founding Directors
Finance experience across Multilateral Development Banks International Financial Institutions Bilateral Development Banks Export Credit Agencies Commercial Banks
About Us
About Keystone

Multidisciplinary Expertise.
International Standards.

A multidisciplinary consultancy dedicated to science-based environmental, social and climate risk advisory for complex projects seeking international finance.

Who We Are

Keystone Advisory Associates

Keystone Advisory Associates is a multidisciplinary environmental and sustainability consultancy with founding Directors based in Istanbul, Frankfurt and London. We provide science-based advisory services to developers, investors, financial institutions, and operators working on complex infrastructure, energy, and industrial projects across the region and internationally.

Our team combines environmental engineering, hydrogeology, ecology, risk assessment and ESG expertise with deep practical experience in demanding project environments. We bring experience working both for lenders and for project developers and operators seeking finance, supporting them through permitting, construction and operational monitoring phases.

Scientific Rigour
Our approach is grounded in evidence-based methodology and peer-reviewed practice.
Independence
Objective analysis free from conflicts of interest, built on decades of professional experience.
International Reach
Extensive experience across diverse regulatory contexts in Europe, Africa, Middle East and Asia.
Client Focus
Practical, actionable recommendations tailored to project realities and lender requirements.
Our Vision

To leverage our extensive experience in project finance to deliver solutions that achieve financing efficiently and without undue delays or cost overruns. Our early involvement helps de-risk the E&S dimensions of project scheduling and protects project cash flow.

What We Do
What We Do

Resolving E&S risk challenges to project financing

We support project developers and lenders in navigating environmental, social and climate risk. Click any element of the framework to see the corresponding service.

E&S Governance Framework
Tier 1 — Board commitment
ES policy & zero-tolerance commitment
Tier 2 — Multi-criteria risk assessment
PS gaps
PS1–8 fulfillment
Severity
P × C matrix
Capacity
Borrower scoring
Risk vector
Unique risk profile — not a generic category
Tier 3 — Governance instruments
ESAP
Conditions design
Parties
Obligations
IESC
Mandate scope
Escalation
Triggers
Tier 4 — Independent monitoring
Construction
Site & NCR monitoring
Operations
Compliance audit
Stakeholder
GRM & SEP
Tier 5 — Portfolio dashboard
DFI portfolio ES performance & board reporting
ES Governance Advisory
  • Board-level ES policy development — signed, public, annually reviewed
  • Zero-tolerance frameworks for show-stopper risk categories
  • ES governance structure design and senior management commitment protocols
Multi-Criteria Risk Assessment
  • PS gap scoring across IFC PS1–8, EBRD PRs and Equator Principles
  • Probability × consequence severity matrix with show-stopper flagging
  • Institutional capacity scoring for borrower, contractor and supervision consultant
  • Construction of unique project risk vector — not a generic category label
Due Diligence & Transaction Support
  • Independent E&S due diligence for lenders, investors and ECAs
  • M&A environmental and social vendor and purchaser due diligence
  • Review and critique of RfPs and Scopes of Work for E&S consultants
  • IESC mandate design — scope, frequency and reporting authority
ESAP Design & Negotiation
  • Risk-proportionate conditions schedule architecture
  • Negotiation and agreement of ESAP items with borrowers
  • Party obligation frameworks with direct lender linkage
  • Escalation protocol design calibrated to institutional capacity scores
Portfolio Dashboard & Board Reporting
  • Cross-project E&S performance comparability for DFI portfolio managers
  • Risk trend tracking and governance instrument effectiveness assessment
  • Board-level ES reporting and strategic advisory
Stakeholder map
Who is affected & how
Stakeholders
E&S risks
Keystone advisory
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Sectors
Our Sectors

Experience Across the Full Project Lifecycle

From early-stage scoping and impact assessment through to construction monitoring and operational compliance.

Infrastructure
Infrastructure

Environmental advisory for infrastructure development projects.

Oil & Gas
Oil & Gas

Environmental compliance and risk management for oil and gas operations.

Energy
Energy

Sustainability consulting for power generation and energy transition projects.

Industry
Industry

Environmental management for industrial facilities and manufacturing.

Sample Projects
Our Experience

Selected Project Experience

A selection of landmark projects delivered by Keystone's founding Directors over their careers — prior to the establishment of Keystone Advisory Associates — across infrastructure, energy, oil & gas, mining and industry worldwide.

Çanakkale 1915 Bridge & Motorway
Infrastructure · Turkey
Çanakkale 1915 Bridge & Motorway
ESIA — IFC / Equator Principles · 2016–2019
Istanbul Metro Extensions
Transport · Turkey
Istanbul Metro Extensions
ESDD — EBRD / AFD · 2020–2025
Siemens 14.4 GW CCGT Plants
Energy · Egypt
Siemens 14.4 GW CCGT Plants
ESIA · 2017–2019
TANAP Pipeline (1,800 km)
Oil & Gas · Turkey
TANAP Pipeline (1,800 km)
ESIA & Finance Advisor · 2014–2018
Egypt HSR & Tanzania SGR
Transport · Egypt / Tanzania
Egypt HSR & Tanzania SGR
ESIA & RAP · 2018–2023
Oyu Tolgoi Copper/Gold Mine
Mining · Mongolia
Oyu Tolgoi Copper/Gold Mine
ES Agent — EBRD / IFC · 2024–Present
Gebze–İzmir Motorway
Infrastructure · Turkey
Gebze–İzmir Motorway
ESIA · 2014–2016
Istanbul Ikitelli Health Campus
Healthcare · Turkey
Istanbul Ikitelli Health Campus
ESIA — IFC / EIB · 2016–2017
Wind & Renewables Portfolio Monitoring
Energy · Turkey
Wind & Renewables Portfolio Monitoring
Post-ESDD Monitoring — EBRD / IFC
Our Team
Our Team

Over 100 Years of Combined Experience

Three senior environmental professionals with complementary expertise and a shared commitment to independent, evidence-based advisory.

Founding Directors

Over 100 years of combined experience

Three senior environmental professionals with complementary expertise and a shared commitment to independent, evidence-based advisory.

Prof. Dr. Cem B. Avci
Prof. Dr. Cem B. Avci
Director | Environmental Engineering & Impact Assessment
Istanbul, Turkey

Professor of Civil Engineering at Bogazici University and environmental consultant with 30 years of experience in ESIA, EHS due diligence and contaminated site remediation. Extensive EBRD, IFC, EIB and AFD project experience across Turkey and internationally.

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Jeffrey L. Jeter
Jeffrey L. Jeter
Director | Senior Geologist & Environmental Consultant
Woking/London, UK

Geologist and environmental consultant with 40+ years of international experience. Former Senior Environmental Advisor at EBRD for over 20 years, leading E&S due diligence for the natural resources sector. SPE Distinguished Lecturer and former BBOP Executive Committee member.

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Raimund Vogelsberger
Raimund Vogelsberger
Director | Environmental & Social Advisory
Frankfurt, Germany

Environmental consultant with 40+ years in project finance, ESDD and ESIA. Former Partner at ERM Germany for 20 years, leading landmark mandates including the Çanakkale Bridge and Siemens' 14.4 GW CCGT programme in Egypt. Senior E&S Expert at KfW Bank in 2024.

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Associate Directors

Our network of specialists

Keystone works with a select group of senior associate specialists across environmental engineering, ecology, hydrogeology, social assessment and ESG — enabling us to assemble the right team for each mandate.

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Associate Director
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Associate Director
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Associate Director
Contact

Get in touch

Whether you are a developer seeking independent E&S advisory, a lender requiring due diligence support, or an institution looking for monitoring and verification services — we would be glad to discuss how Keystone can help.

Our offices
Istanbul
Turkey
Frankfurt
Germany
London
UK