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GE and UK Export Finance to support 1.35 GW Turkish solar project

  • 1 year, 10 months ago (2021-11-18)
  • David Flin
Europe 1023 Solar 224

GE and UK Export Finance (UKEF), UK’s export credit agency, have announced that agreement has been reached to finance Kalyon Enerji’ s 1.35 GW Karapinar solar project located in Konya Karapinar province in Turkey. This will be Turkey’s largest solar plant.

Future of the Grid (FOTG) 2023
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Future of the Grid (FOTG) 2023

UKEF will guarantee a $291 million Buyer Credit Facility, subject to financial close. This will enable GE to deploy its first Flexinverter solar technology outside the USA, supporting Turkey’s clean energy goals and facilitating trade to UK suppliers. Financing for the project will be structured on a project finance basis and raised through JP Morgan as acting lead arranger and lender supported by the UKEF guarantee. Full completion of the project is expected by late 2022.

Integration of the Flexinverter solar technology and assembly of the solar power station will occur in the UK. GE’s Grid Solutions site in Gebze, Turkey will produce transformers for integration in the solar inverter technology.

GE’s Flexinverter solar power station combines a solar inverter, medium-voltage power transformer, and an MV Ring Main Unit, integrated in a 20-foot ISO high cube container.