Standard Chartered has arranged a €249 million (US$272.36 million) export credit agency-supported green loan for Turkish energy company Kalyon Enerji, which will enable the construction of Türkiye’s second-largest solar project to date.

The project entails the construction and operation of solar power plants at seven separate sites, with aggregate maximum generating capacity of 390 megawatts across the provinces of Bor-Nigde, Gaziantep and Sanliurfa-Viransehir. Upon completion, the project is expected to generate enough renewable energy to power over 80,000 households in Türkiye annually.

Standard Chartered acted as structuring bank, green loan coordinator, lead arranger, and lender. The financing is supported by a 100% guarantee from UK Export Finance, with over €122 million reinsured by Poland’s export credit agency Kuke.

British exporter GE Vernova – via its subsidiary UK Grid Solutions – 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.

"We have 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," says Uday Mathur, global leader, capital markets, at GE Vernova. "GE Vernova has helped deliver approximately 2.8 [gigawatts] of solar capacity in Türkiye with an extended equipment scope and a services package."

“We are proud to be a driving force behind Türkiye’s transition to clean energy," comments Kalyon Enerji chief executive officer Murtaza Ata. "In 2023, we became fully operational in Kalyon Enerji’s Karapınar Solar Power Plant, which is the largest solar power plant in Türkiye and Europe, contributing 11% of the solar power generated in Türkiye."

Renewable energy represents over half of the total installed electricity capacity in Türkiye.