Spanish banking group BBVA has finalised a €187 million financing agreement with industrial group TOSYALI to fund the opening phase of a major solar energy rollout in Türkiye. The funding will support the construction of the Osmaniye and Niğde solar plants, which together will add 261 MW of installed renewable capacity. The initiative forms part of a broader decarbonisation strategy by TOSYALI, one of the world’s leading manufacturers of green steel.
The credit facility has been structured as an Export Finance Buyer Credit transaction backed by the Spanish export credit agency, Cesce. The transaction incorporates Spanish export support into international green infrastructure development, with GE Vernova Spain acting as the primary equipment supplier and Inogen serving as the engineering, procurement, and construction contractor.
The new solar installations represent the foundation of a larger investment programme through which the Turkish steel producer intends to achieve 1.4 GW of renewable self-generation capacity. TOSYALI, which has an annual crude steel production capacity of 15 million tonnes, has already deployed 235 MW of rooftop solar across its industrial facilities. The new phase will further develop what is set to become one of the largest industrial self-consumption renewable energy networks globally.
Onur Genç, Chief Executive Officer of BBVA, stated that the transaction highlights the bank’s capability to structure financing that supports corporate clients moving towards sustainable and competitive production models. He noted that export credit agency-backed financing serves as a vital tool for mobilising capital for large-scale industrial shifts, whilst reaffirming the bank’s commitment to Türkiye as a strategic market.
Fuat Tosyalı, Chairman of TOSYALI Holding, emphasized that energy transformation has become a primary driver of modern industrial competitiveness. He explained that the company is re-engineering its processes from a long-term perspective, and that the 1.4 GW solar investment initiative is a strategic move designed to secure energy independence while strengthening the company’s position in global green steel production.
