The deal, which guarantees a loan being arranged by Standard Chartered Bank, is set to enable the construction of Turkey’s second-largest solar project to date, a 390MW portfolio of solar farms across the provinces of Bor-Nigde, Gaziantep and Sanliurfa-Viransehir.
When completed, the project is expected to provide clean power to over 65,000 Turkish households a year.
The deal is also set to support UK jobs in the renewable-energy sector supply chain, particularly in the Midlands.
British exporter GE Vernova – via its subsidiary UK Grid Solutions Ltd – is to supply and install inverter stations, power-plant controllers, and other critical equipment for the project. As such, the deal is expected to directly support British jobs at GE Vernova’s Staffordshire site, as well as jobs in the wider UK supply chain.
Similarly, Polish exporters are set to deliver security systems and steel components for the project.
The deal was welcomed by Gareth Thomas, UK Minister for Exports, who 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 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.”
