Solar Energy

UKEF, KUKE Guarantee €249 Million Loan for Kalyon Enerji’s Second-Largest Solar Project in Türkiye

UK Export Finance (UKEF) and Poland’s export credit agency, KUKE, have jointly guaranteed a €249 million loan arranged by Standard Chartered Bank for Turkish renewable energy company Kalyon Enerji, enabling the construction of Türkiye's second-largest solar project, UKEF announced on Thursday.

This significant financing deal supports the construction and operation of solar power plants at seven sites across Bor-Nigde, Gaziantep, and Sanliurfa-Viransehir provinces, with a total generating capacity of 390 MWp. Once completed, these plants are expected to produce enough renewable energy to power over 65,000 Turkish households annually.

The project is set to benefit both UK and Polish exporters. UK-based GE Vernova, through its subsidiary UK Grid Solutions Ltd, will supply and install key equipment, including inverter stations and power-plant controllers, directly supporting jobs at its Staffordshire site and across the broader UK supply chain. Polish exporters will deliver security systems and steel components, creating jobs in the manufacturing and logistics sectors.

UKEF is providing a 100% guarantee for the financing, with €122 million reinsured by KUKE. This deal is expected to bolster UK employment in the renewable energy sector, particularly in the Midlands, and demonstrates UKEF’s commitment to promoting the global transition to low-carbon economies.

Renewable energy already accounts for 54% of Türkiye's total installed electricity capacity, and this new project will further enhance the country’s renewable energy availability. Gareth Thomas, UK Minister for Exports, emphasized the importance of the deal for supporting UK jobs and exports, particularly in the Midlands, while also contributing to the global shift toward cleaner energy.

Murtaza Ata, CEO of Kalyon Enerji, noted that this is the company’s second major collaboration with UKEF and GE Vernova, following the successful completion of the Karapınar Solar Power Plant, Türkiye's largest solar project, which now contributes 11% of the country’s solar power generation.

Source: Anadolu Agency

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