The UK’s Standard Chartered Bank will provide a €249 million (US$272 million) loan for Turkish renewable energy investment company Kalyon Enerji.
UK Export Finance (UKEF) and KUKE, the UK and Polish export credit agencies, have guaranteed the loan which will see the construction and operation of solar power plants at seven separate sites across three Turkish provinces. With an aggregate generation capacity of 390MWp, the project is said to be Turkey’s second-largest solar development.
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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.
It means that Kalyon Enerji will be able to pay for the exports provided by the UK and Poland over a longer period, meanwhile supporting jobs in the renewable energy sector supply chain at home.
Gareth Thomas, UK minister for exports, said: “Our mission is to grow the economy, including through boosting exports so British businesses can sell their world-class goods and services around the world.
“This announcement will support jobs and businesses across the country, especially in the Midlands, and support the global transition toward cleaner energy.”
Read the full version of this story on our sister site, Solar Power Portal.
