Kalyon inks $812 mln deal for mega project

ISTANBUL

Kalyon Enerji, the developer of the largest solar facility in Turkey, on Nov. 30 signed a $812 million loan agreement with six Turkish banks, U.S. lender JPMorgan Chase & Co and U.K. Export Finance (UKEF).

According to the agreement, backed by a guarantee provided by UKEF, Turkish lenders Denizbank, Garanti BBVA, İşbank, the Development and Investment Bank of Turkey (TKYB), the Industrial Development Bank of Turkey (TSKB) and Vakıfbank will provide the financial support for the project with a maturity of 12 years.

Kalyon Enerji’s 1.35GW Karapınar Solar Project will be comprised of 3.5 million panels covering an area of 20 million square meters and will be capable of delivering clean electricity to approximately 2 million people in Turkey.

“We have already taken 550MW online at Kalyon Karapınar Solar Power Plant,” said Cemal Kalyoncu, the chair of the executive board of Kalyon Holding, at the signing ceremony held in Istanbul yesterday.

The power plant in the Central Anatolian province of Konya’s Karapınar district is expected to be completed in mid-2023.