Turkey's 1.35GW solar project receives US$291 million in financing from the British government

　　A 1.35GW solar project in Turkey received US$291 million in financing from the British government to promote the progress of the project. It is said that this is the largest photovoltaic project in Turkey.

　　(The Karapinar project is expected to be fully completed by the end of next year)

　　The Karapinar solar project is located in Karapinar Province, Konya, Turkey. This project was signed under the Renewable Energy Resource Area (YEKA) plan of the Turkish Ministry of Energy and is currently being developed by the energy company Kalyon Enerji.

　　The project was supported by the YEKA program in 2017. As part of a joint venture between Kalyon and Hanwha Q CELLS, a member of the "Silicon Module Super Alliance", the project received an electricity price of US$0.0699/kWh.

　　In order to support the development of the project, the British government’s export credit agency, the British Export Finance Corporation, has agreed to provide guarantees for a US$291 million buyer’s credit financing, which will help the international bank JP Morgan Chase to propose a broader project financing plan. JPMorgan Chase serves as the lead and lender.

　　According to part of the agreement signed with GE Energy Financial Services, a subsidiary of the General Electric Group, the British Export Finance Corporation participated in project financing. In turn, as part of the project, General Electric will develop its Flexinverter solar technology. The integration and assembly of components will be carried out in the UK, providing approximately 100 jobs.

　　Another division of General Electric, General Electric Grid Solutions, will produce transformers for the project in Gebze, Turkey, as part of the domestic procurement regulations in the YEKA tender plan.

　　According to the export contract, GE will also provide design, project management, site management and commissioning services. General Electric Renewable Energy stated that it has completed the commissioning of the 267MW Flexinverter product of the Karapinar project.

　　The project is expected to be completed by the end of 2022. Anne-Marie Trevelyan, Secretary of State for Trade of the United Kingdom, stated that the British Export Finance Corporation is "putting the UK at the center of the global green energy transition. The UK's financing encourages other countries to invest in renewable energy and opens up new markets for British companies, which will promote Economic recovery based on green jobs."

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