UK and Polish credit agencies have teamed up to finance a €249 million loan for Kalyon Enerji’s solar project in Turkey. The project will establish solar power plants across three provinces with a total capacity of 390 MWp.
Turkish Solar Project Secures $272 Million
In a significant boost to Turkey’s renewable energy sector, UK and Polish credit agencies have joined forces to finance a major solar project. The UK’s Standard Chartered Bank will provide a €249 million ($272 million) loan to Kalyon Enerji, a Turkish renewable energy investment firm. The deal is backed by UK Export Finance (UKEF) and KUKE, the export credit agencies of the UK and Poland.
A large-scale solar farm in Turkey, part of the nation’s growing renewable energy infrastructure.
The funds will support the development of Turkey’s second-largest solar energy project. This initiative involves constructing and operating solar power plants at seven different locations across three Turkish provinces: Bor-Nigde, Gaziantep, and Sanliurfa-Viransehir. With a total generation capacity of 390 megawatts peak (MWp), the project is poised to make a significant impact on Turkey’s energy landscape.
Powering 65,000 Households
Once completed, the solar plants will provide clean energy to over 65,000 Turkish households annually. This development is expected to play a crucial role in Turkey’s efforts to increase its renewable energy capacity, highlighting the growing importance of sustainable energy solutions worldwide.
The project’s economic benefits extend beyond Turkey, as the deal is expected to enhance clean tech exports from both the UK and Poland. It is also anticipated to create numerous job opportunities within the UK’s renewable energy sector, particularly in the Midlands.
UK Grid Solutions Ltd will supply and install key components for the solar project, including inverter stations and powerplant controllers. The work is expected to directly support jobs at GE Vernova’s Staffordshire site, with benefits felt across the broader UK supply chain.
Polish companies will also contribute significantly to the project by supplying essential security systems and steel components for the solar farms. This involvement reinforces Poland’s position in the global renewable energy market.
International Collaboration Drives Renewable Investment
The €249 million guarantee is a major investment in renewable energy infrastructure, underscoring the commitment of the UK and Poland to a cleaner, more sustainable energy future. It also showcases the power of international collaboration in addressing global energy challenges. This partnership between UKEF, KUKE, and Kalyon Enerji exemplifies how cross-border cooperation can drive innovation and stimulate economic growth.
Gareth Thomas, the UK Minister for Exports, expressed his support for the deal, noting that it aligns with the new government’s goals of growing the economy and boosting exports. Thomas emphasized that the announcement will benefit businesses and create jobs, particularly in the Midlands, while highlighting how UK Export Finance helps businesses expand and drive economic growth.
Uday Mathur, global leader for capital markets at GE Vernova, also praised the deal. He noted that it builds on a successful long-term partnership with UK Export Finance in Turkey, which has allowed GE Vernova to offer competitive financing for solar and storage technology.
Mathur added that GE Vernova has previously delivered approximately 2.8 gigawatts (GW) of solar capacity in Turkey. He expressed pride in delivering another landmark financing deal in the country through the successful collaboration with Kalyon Enerji and UK Export Finance.
The financing deal for Turkey’s 390 MW solar project marks a significant milestone in the global renewable energy sector. It demonstrates how international partnerships can drive progress in clean technology and sustainable development. The project not only supports Turkey’s energy goals but also strengthens economic ties between the UK and Poland, showcasing the far-reaching impact of global cooperation in the renewable energy industry.
