The Standard Chartered loan will be guaranteed by UK Export Finance and Poland’s export credit agency KUKE and supports a solar project in Turkey.

Export credit support enables the construction of Turkey’s second-largest solar project to date.

Deal supports UK jobs in renewable-energy sector supply chain, particularly in the Midlands, and creates new business opportunities for Polish companies in Turkey.

Upon completion, the solar project has the potential to power over 65,000 households per year in Turkey with renewable energy.   

UK Export Finance (UKEF) and KUKE, the UK and Polish export credit agencies, 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 project to date. This deal is expected to support UK jobs in the renewable-energy sector supply chain, particularly in the Midlands.

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.

British exporter GE Vernova – via its subsidiary UK Grid Solutions Ltd – will supply and install inverter stations, power-plant controllers and other critical equipment. 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 both software and equipment) and steel components for the project. This is set to create jobs in manufacturing and logistics sectors.

Standard Chartered acted as Structuring Bank, Green Loan Coordinator, Lead Arranger and Lender. The financing is guaranteed by a 100% UKEF guarantee, with over €122 million reinsured by KUKE, Poland’s export credit agency.

Renewable energy represents 54% of the total installed electricity capacity in Turkey. This new project will increase the availability of renewable energy in Turkey and deliver on UKEF’s commitment to supporting the global transition towards low-carbon economies.