Kalyon Enerji secures financing from UK for solar project

ISTANBUL

U.K. Export Finance (UKEF) and Poland’s export credit agency, KUKE, have jointly guaranteed a 249-million-pound loan being arranged by Standard Chartered Bank for Turkish renewable energy investment company Kalyon Enerji.

The financing will enable the construction of Türkiye's second-largest solar project to date, UKEF said in a statement.

The 390MWp (megawatt peak) project entails the construction and operation of solar power plants at seven separate sites, with an aggregate power generating capacity of 390 MWp across the provinces of Bor-Niğde, Gaziantep and Şanlıurfa-Viranşehir, according to the statement.

Upon completion, the project could generate enough renewable electricity to power over 65,000 households in Türkiye annually.

“This new project will increase the availability of renewable energy in Türkiye and deliver on UKEF’s commitment to supporting the global transition towards low-carbon economies,” it added.

GE Vernova, via its subsidiary U.K. Grid Solutions Ltd., will supply and install inverter stations, power-plant controllers and other critical equipment, the statement said.

“This announcement will support jobs and businesses across the country, especially in the Midlands, and support the global transition toward cleaner energy,” U.K. Minister for Exports Gareth Thomas said.

This is Kalyon Enerji’s second transaction with UKEF and GE Vernova, according to Murtaza Ata, CEO of Kalyon Enerji.

“The U.K. and Türkiye’s economic relationship is going from strength to strength,” commented Kenan Poleo, Consul-General Istanbul and Trade Commissioner to Türkiye.

“This deal is good news for people and business in both our countries shows what we can accomplish when we can work together,” Poleo said.