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Press Release

GE & UK Export Finance agree to support 1.35 GW Turkish solar project

November 15, 2021
  • Turkey’s largest solar facility, equipped with GE solar power station technology, is equivalent to over 4,600 football pitches in size
  • GE Energy Financial Services facilitates export credit guarantee through UKEF to J.P. Morgan’s project finance package
  • US$291 million biggest UKEF guarantee for any solar energy project and is estimated to support up to around 100 UK jobs
  • Projects represent GE’s first solar invertor technology deployment outside the U.S.

London, UK, November 15, 2021 - GE (NYSE:GE) and UK Export Finance (UKEF), UK’s export credit agency, today announced that agreement has been reached to finance Kalyon Enerji’s 1.35 GW Karapinar solar project located in the Konya Karapinar province. The solar power plant is Turkey’s largest solar facility, approximately 11km long and 3km wide, equivalent to over 4,600 football pitches.

GE Energy Financial Services worked with UKEF, who are set to guarantee a US$291 million [£217 million] Buyer Credit Facility, subject to financial close. This will enable GE to deploy its first FLEXINVERTER solar technology outside the U.S., supporting Turkey’s clean energy goals and facilitating trade for UK suppliers. Financing for the project will be structured on a project finance basis and raised through J.P. Morgan as acting lead arranger and lender supported by the UKEF guarantee.

Guto Davies, Global Public Capital Leader at GE Energy Financial Services, 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 U.S. 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.”

The integration of the FLEXINVERTER solar technology and the assembly of the solar power station will occur in the UK, supporting around 100 UK jobs [1] directly and indirectly in the supply chain. As part of the localisation requirements, GE’s Grid Solutions site in Gebze, Turkey will be producing transformers for integration in the solar inverter system. In addition to GE’s solar technology, the export contract also covers design, engineering, project management, site management and commissioning.

The UK government has made new commitments to eliminate climate harm from global finance and take action to support the global energy transition at the COP26 UN Climate Summit. As the Summit closes, the UK is now delivering on these pledges by backing major green export deals during its first International Trade Week, an ambitious week of business and sector-led events to encourage businesses of all sizes to sell to the world. International Trade Secretary and UK International Champion on Adaptation and Resilience for the COP26 Presidency, Anne-Marie Trevelyan, said: “UK Export Finance is putting the UK at the heart of the global green energy transition. With over £200 million pounds 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 that will power a recovery underpinned by green jobs.”

GE Renewable Energy has already completed the commissioning of the FLEXINVERTER solar power station technology for the 267 MW Kalyon Enerji’s Karapinar phase I solar plant. Upon full completion, expected by late 2022, the facility will deliver clean electricity to approximately two million Turkish households.

The project is part of the first Turkish solar YEKA tender launched in 2017 by the Turkish Ministry of Energy under the Renewable Energy Resources Zones (YEKA) programme. The project will help Turkey to continue its expansion of renewable energy resources and commission 10 GW of solar capacity between 2017-27, according to IEA.

Prakash Chandra, CEO Renewable Hybrids at GE Renewable Energy, said: “There is tremendous potential for solar energy in Turkey which can be addressed through smart solutions that will help integrate this natural energy source into the grid in a reliable way and at utility scale. We are thrilled to be partnering with Kalyon Enerji on these projects and look forward to more opportunities to increase the penetration of renewable energy in Turkey.”

GE's FLEXINVERTER solar power station combines a solar inverter, medium voltage power transformer, and an optional MV Ring Main Unit, integrated in a 20-feet ISO high cube container. The FLEXINVERTER is a key component of GE’s Renewable Hybrids FLEX portfolio, designed to solve customer needs through multiple applications to enable dispatchable, green MWhs. It also includes the FLEXRESERVOIR and the FLEXIQ technologies. The FLEXRESERVOIR is a systems integrated battery energy storage and power electronics solution for multiple configurations and market applications. FLEXIQ is a digital platform that provides design, operation and fleet management solutions to enable grid compliance and maximize lifetime customer value.

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Notes to Editors:

[1] GE Energy Financial Services cited figure.

About GE Energy Financial Services
GE Energy Financial Services is a global energy investor with 35+ years managing assets through multiple energy cycles. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in and provides capital solutions for long-lived and capital-intensive projects and companies that help meet the world’s energy needs. It is headquartered in Connecticut with regional hubs in London, Houston, Washington D.C. and Singapore. For more information, visit www.geenergyfinancialservices.com and follow us on twitter @GEEnergyFinServ.

About GE Renewable Energy
GE Renewable Energy is a $16 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons. Follow us at www.ge.com/renewableenergy, on www.linkedin.com/company/gerenewableenergy, or on twitter.com/GErenewables

About UK Export Finance
UK Export Finance is the UK’s export credit agency and a government department, working along-side the Department for International Trade as an integral part of its strategy and operations.

Established in 1919, it exists to ensure that no viable UK export should fail for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfil and get paid for export contracts.

About Kalyon Enerji
Kalyon Enerji is established as a result of being directed to energy investments by the vision of providing increasing energy needs of next generations as the population consistently increases every year in Turkey and in the world.

Accordingly, Kalyon Enerji, which concentrates on R&D and innovation works to make clean and renewable energy resources available in a manner to meet all energy needs, concentrates the investments in energy sector on Solar Energy (GES) and (RES) Wind energy as Gas, Hydroelectric, Thermic.

The Kalyon Karapinar Solar Power Plant will prevent 1.5 million tons of carbon emissions annually and, by the end of 2022, increase the share of solar energy in Turkey’s total energy production by 20%. It will ultimately serve the needs of 2 million people.

For media inquiries, please contact:

Arti Mohan
GE Energy Financial Services
+44 7468 351 586
[email protected]
Agathe Lefévre de la Houplière
Communications
GE Renewable Energy
+33 7 71 44 89 35
[email protected]
Ozlem Aksoy
Communications
GE Turkey
+90 (533) 3672722
[email protected]
Robert Maccabe
Head of Press and Corporate Communications
UKEF
+44 (0)7791 797810
[email protected]

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