Turkey is set to expand its renewable energy capacity with the construction of its second-largest solar project, supported by a €249 million ($273.9 million) financing package guaranteed by UK Export Finance (UKEF) and KUKE, the export credit agencies of UK and Poland, respectively.
Standard Chartered Bank has been instrumental in arranging this loan for Kalyon Enerji, a leading Turkish renewable energy investment firm. The financing is fully secured with a 100% guarantee from UKEF and includes over €122 million ($133 million) reinsured by KUKE.
The project will develop solar facilities with a total capacity of 390 MWp at seven sites across the provinces of Bor-Nigde, Gaziantep, and Sanliurfa-Viransehir. Once operational, it is expected to generate enough clean energy to power over 65,000 households annually in Turkey.
British exporter GE Vernova, through its subsidiary UK Grid Solutions Ltd, will supply critical components such as inverter stations and powerplant controllers. This involvement is set to support and create jobs at GE Vernova’s Staffordshire site and across the UK’s supply chain. Additionally, Polish companies will provide security systems and steel components, boosting employment opportunities in Poland’s manufacturing and logistics sectors.
Renewable sources currently account for 54% of Turkey’s total installed electricity capacity, and this project is poised to further enhance the availability of renewable power in the region.
Gareth Thomas, UK Minister for Exports, said, “Our mission is to grow the economy, including through boosting exports so British businesses can sell their world-class goods and services around the world. This announcement will support jobs and businesses across the country, especially in the Midlands, and support the global transition toward cleaner energy. It also demonstrates how UK Export Finance can help businesses grow, export and boost economic growth.”
Piotr Maciaszek, Director of the Insurance and International Relations Department, KUKE, emphasised the global reach of Polish companies and said, “This contract in the green technology sector proves that Polish companies have broad competencies and can provide products and services of the highest quality. We hope to announce further transactions this year with significant involvement from Polish businesses.”
Uday Mathur, Global Leader, Capital Markets GE Vernova shared, “We have a long-term, successful partnership with UK Export Finance in Türkiye, enabling GE Vernova to continue offering clients competitive financing solutions for solar and storage technology. GE Vernova has helped deliver approximately 2.8 GW of solar capacity in Türkiye with an extended equipment scope and a services package. We are proud to have delivered yet another landmark financing in Türkiye through successful collaboration with Kalyon Enerji and UK Export Finance.”
Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered, embarked on the project’s broader implications: “Through this important multi-site solar project in Türkiye, we were able to showcase our expertise to structure this Green Loan financing supported by UKEF and KUKE and contribute to our strategic priorities to help accelerate our clients’ transition to net zero.”
Dr. Murtaza Ata, CEO of Kalyon Enerji, highlighted the company’s role in Turkey’s energy transition: “We are proud to be a driving force behind Türkiye’s transition to clean energy. This is Kalyon Enerji’s second transaction with UKEF and GE Vernova, for the second largest solar project in Türkiye to date.”