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November 15, 2021

UKEF to provide $291m for Kalyon Enerji solar project in Turkey

The Karapinar solar project will power almost two million Turkish houses once it is completed.

By Umesh Ellichipuram

UK Export Finance (UKEF), the UK’s export credit agency, has agreed to provide £217m ($291m) to support the construction of Kalyon Enerji’s 1.35GW Karapinar solar project in Turkey.

The project is claimed to be Turkey’s largest solar facility and will power almost two million Turkish houses upon completion next year.

It is part of a tender process launched by the Turkish Ministry of Energy under the Renewable Energy Resources Zones (YEKA) programme.

UKEF’s funding is expected to support more than 100 jobs in the UK, where the solar technology integration works and the assembly of the solar power station are due to be performed.

It is understood to be the agency’s largest-ever guarantee for a solar project.

UK International Trade Secretary Anne-Marie Trevelyan said: “UK Export Finance is putting the UK at the heart of the global green energy transition.

“With more than £200m worth of backing, we are helping to bring solar energy to two million Turkish households. Firm action from the UK alone is not enough to fight the climate crisis.

“UKEF’s financing encourages other countries to invest in renewable energy and opens new markets for UK businesses, which will power a recovery underpinned by green jobs.”

GE Energy Financial Services has partnered with UKEF to deliver the Karapinar solar project, which will allow GE to install its first Flexinverter solar technology outside the US.

GE Energy Financial Services Global Public Capital leader Guto Davies said: “GE is proud to be partnering with UKEF again to deliver one of Turkey’s most significant renewable projects and GE’s first Flexinverter solar power station technology outside the US.

“Our relationship with UKEF enables us to offer GE customers access to diversified and competitive financing for GE projects that deliver sustainable, reliable and affordable energy.”

Earlier this year, UKEF partnered with renewable energy firm Offshore Renewable Energy (ORE) Catapult to promote renewable exports worldwide.

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