UK Export Finance and KUKE Back €249 Million Loan for Turkey’s Second-Largest Solar Project

UK Export Finance (UKEF) and the Polish export credit agency KUKE have guaranteed a €249 million loan arranged by Standard Chartered Bank for Kalyon Enerji, a Turkish renewable energy investment company. This financing will enable the construction of Turkey’s second-largest solar power project to date.

The 390 MWp project will involve the development of solar power plants across seven sites in the provinces of Bor-Nigde, Gaziantep, and Sanliurfa-Viransehir. Once completed, it is expected to generate enough renewable electricity to power over 65,000 households annually.

British exporter GE Vernova, through its subsidiary UK Grid Solutions Ltd, will provide and install key equipment, including inverter stations and power-plant controllers. This will support British jobs at GE Vernova’s Staffordshire site and throughout the broader UK supply chain. Additionally, Polish exporters will supply security systems and steel components, creating jobs in manufacturing and logistics sectors.

Standard Chartered is serving as Structuring Bank, Green Loan Coordinator, Lead Arranger, and Lender. The financing is backed by a 100% guarantee from UKEF, with over €122 million reinsured by KUKE.

Renewable energy constitutes 54% of Turkey’s total installed electricity capacity. This new project will enhance Turkey’s renewable energy resources and aligns with UKEF’s mission to support the global transition to low-carbon economies.

Gareth Thomas, UK Minister for Exports, commented, “Our goal is to boost the economy by expanding exports of British goods and services. This project will support jobs in the Midlands and contribute to a cleaner energy future. It exemplifies how UK Export Finance can help businesses grow and foster economic development.”

Piotr Maciaszek, Director of the Insurance and International Relations Department at KUKE, stated, “This green technology contract highlights the high quality of Polish products and services. KUKE’s support is enhancing Polish involvement in major infrastructure projects globally, with hopes for further significant transactions this year.”

Uday Mathur, Global Leader, Capital Markets, GE Vernova, noted, “Our successful partnership with UK Export Finance has enabled us to provide competitive financing solutions for solar technology in Turkey. We are proud to support another significant project in Turkey, contributing to the country’s clean energy goals.”

Yoshi Ichikawa, Head of Structured Export Finance for Europe at Standard Chartered, said, “This multi-site solar project demonstrates our expertise in structuring Green Loan financing. We are pleased to contribute to our clients’ transition to net zero and shape the future of sustainable finance.”

Dr. Murtaza Ata, CEO of Kalyon Enerji, added, “We are excited to advance Turkey’s clean energy transition with this project, which follows our successful Karapınar Solar Power Plant. This collaboration with UKEF and GE Vernova underscores our commitment to sustainable energy and job creation.”