World News

World News12.08.2024

UK and Poland target green exports with €249 million financing for solar project in Turkey

QAZAQ GREEN. The UK and Poland 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 power plants to date, according to press release by UK Export Finance.

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.

14.02.2025
Canada joins Global Offshore Wind Alliance
14.02.2025
Scientists develop fully recyclable next-generation solar cell
14.02.2025
ADB to provide $222mln to finance investment projects in Kyrgyzstan
14.02.2025
European Commission proposes 90% emissions reduction by 2040
13.02.2025
World's leading country in wind and solar power construction revealed
13.02.2025
Renewables expose weaknesses in Kazakhstan’s power sector, transforms mindsets
13.02.2025
Azerbaijan's aims to have two gigawatts of solar and wind electricity by 2027
12.02.2025
India accelerates bioenergy development: 45% growth expected by 2030
12.02.2025
Kazakhstan approves 2025 auction schedule for renewable energy sources
11.02.2025
Akhmet Yassawi University unveils 30 kW solar power plant to advance green energy education
11.02.2025
Global energy mix: key trends and myths debunked
10.02.2025
World’s first fully-electric offshore vessel with 25MWh battery to debut in 2027
10.02.2025
Two hybrid energy complexes to be commissioned in Yakutia in 2025
07.02.2025
Europe’s renewables market powers battery storage boom
07.02.2025
ADB to help decarbonize heating sector in Azerbaijan
06.02.2025
Australia breaks records as renewable energy overtakes coal
06.02.2025
Kyrgyzstan and China sign investment agreements for 600 MW wind and solar power projects
05.02.2025
In 2024, global investment in clean energy exceeded $2 trillion for the first time
04.02.2025
Almaty to host PowerTech 2025 – a Conference on Decarbonisation and Renewable Energy
04.02.2025
French railway testing new system for power generation