The UK and Poland have guaranteed a €249 million loan being arranged by Standard Chartered Bank for Turkish renewable energy investment company Kalyon Enerji, enabling the construction of Turkey’s second-largest solar power plants to date.
The 390MWp project entails the construction and operation of solar power plants at seven separate sites, with aggregate power generating capacity of 390 MWp across the provinces of Bor-Nigde, Gaziantep, and Sanliurfa-Viransehir.
Upon completion, the project could generate enough renewable electricity to power over 65,000 households in Turkey annually.
Supporting the renewable energy workforce
The deal supports UK jobs in the renewable energy sector supply chain, particularly in the Midlands, and creates new business opportunities for Polish companies in Turkey.
British exporter GE Vernova—via its subsidiary UK Grid Solutions Ltd—will supply and install inverter stations, power plant controllers, and other critical equipment for solar power plants.
This is expected to directly support British jobs at GE Vernova’s Staffordshire site, as well as jobs in the wider UK supply chain.
Polish exporters will deliver security systems (including software and equipment) and steel components for the project, which is expected to create jobs in the manufacturing and logistics sectors.
Gareth Thomas, UK Minister for Exports, said: “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.”
The solar power plants will dramatically increase Turkey’s renewable supply
Renewable energy represents 54% of the total installed electricity capacity in Turkey. The new solar power plants will increase the availability of renewable energy in Turkey and deliver on UKEF’s commitment to supporting the global transition towards low-carbon economies.
Standard Chartered acted as Structuring Bank, Green Loan Coordinator, Lead Arranger, and Lender. The financing is guaranteed by a 100% UKEF guarantee, with over €122m reinsured by KUKE, Poland’s export credit agency.
“We are proud to be a driving force behind Turkey’s transition to clean energy. By investing in renewable energy projects, we’re not only providing sustainable energy solutions but also creating jobs and contributing to Türkiye’s energy independence using renewable energy sources,” explained Dr Murtaza Ata, CEO of Kalyon Enerji.
