UK Export Finance Endorses Major Turkish Solar Initiative with Robust Backing

In a landmark collaboration, UK Export Finance (UKEF) and KUKE, the export credit agencies of the UK and Poland, have unveiled a €249 million guarantee for Kalyon Enerji, a Turkish renewable energy investment firm. This strategic deal, facilitated by Standard Chartered Bank, aims to propel the construction of Turkey’s second-largest solar project—a 390MW solar farm portfolio spread across Bor-Nigde, Gaziantep, and Sanliurfa-Viransehir provinces.

The 390MW solar project is set to bolster Turkey’s renewable energy capacity significantly. Upon completion, it is expected to provide clean energy to over 65,000 Turkish households annually. This project highlights the increasing importance of renewable energy in meeting global energy demands and the commitment of countries to invest in sustainable solutions.

Economic benefits extend beyond Turkey, with the deal promising to enhance clean tech exports from the UK and Poland. The project is poised to create numerous job opportunities within the UK’s renewable energy sector, mainly benefiting the Midlands. GE Vernova, through its subsidiary UK Grid Solutions Ltd, will supply and install crucial components such as inverter stations and powerplant controllers. This initiative is expected to directly support jobs at GE Vernova’s Staffordshire site and extend to the broader UK supply chain.

Polish companies will also play a pivotal role, supplying essential security systems and steel components for solar farms, reinforcing Poland’s global renewable energy market footprint.

The €249 million guarantee underscores a significant investment in renewable energy infrastructure, fostering a cleaner, more sustainable energy future for Turkey. Additionally, it exemplifies the power of international collaboration in tackling global energy challenges, promoting innovation, and stimulating economic growth across multiple nations.

By supporting such a substantial renewable energy project, the UK and Polish export credit agencies are demonstrating their commitment to facilitating green technology and sustainable development. This partnership not only enhances the renewable energy landscape in Turkey but also strengthens economic ties and creates job opportunities, showcasing the far-reaching impact of international cooperation in the renewable energy sector.

Gareth Thomas, UK Minister for Exports, welcomed the deal and said it would support the new government’s mission “to grow the economy, including through boosting exports so British businesses can sell their world-class goods and services around the world.”

“This announcement will support jobs and businesses across the country, especially in the Midlands, and support the global transition toward cleaner energy,” he said. “It also demonstrates how UK Export Finance can help businesses grow, export, and boost economic growth.”

Uday Mathur, global leader for capital markets at GE Vernova, said the deal was built on a “long-term, successful partnership with UK Export Finance in Türkiye, enabling GE Vernova to continue offering clients competitive financing solutions for solar and storage technology.”

“GE Vernova has helped deliver approximately 2.8GW of solar capacity in Türkiye with an extended equipment scope and a services package,” he added. “We are proud to have delivered yet another landmark financing in Türkiye through successful collaboration with Kalyon Enerji and UK Export Finance.”