GE, UK Export Finance in deal to back 1.35-GW solar project in Turkey

UK Export Finance (UKEF) and GE (NYSE:GE) today announced an agreement to support Kalyon Enerji’s 1.35-GW Karapinar solar project, Turkey’s largest solar power plant.

The UK’s export credit agency will guarantee a GBP-217-million (USD 291m/EUR 254m) buyer credit facility, its largest-ever guarantee for a solar project.

GE Energy Financial Services worked with UKEF on this deal, which will allow GE to deploy its first Flexinverter solar power station technology outside the US.

Integration and assembly work for the solar power station will take place in the UK, which will support around 100 jobs directly and in the supply chain.

JP Morgan will raise project financing for the solar park as acting lead arranger and lender supported by the UKEF guarantee.

GE Renewable Energy has already commissioned its technology for the 267-MW first phase of the project. Located in Turkey’s Konya Karapinar province, the solar power plant is expected to be up and running by December 2022. It is part of the first Turkish solar tender launched in 2017 under the Renewable Energy Resources Zones (YEKA) programme.

UKEF said the move delivers on pledges made by the UK government at the COP26 summit.

(GBP 1 = USD 1.339/EUR 1.170)

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