UK Export Finance and GE Energy Financial Services have reached an agreement on £217m finance for the 1350MW Karapinar solar farm in Turkey, the largest PV project in the country. The Buyer Credit Facility is the largest guarantee UK Export Finance has provided for a solar project. The guarantee will help support over 100 UK jobs as the integration of the solar technology and the assembly of the solar power station will occur in the country.
Karapinar is expected to be completed in late 2022. International Trade Secretary Anne-Marie Trevelyan said: “UK Export Finance is putting the UK at the heart of the global green energy transition. “With over £200m 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 Energy Financial Services supported UKEF to agree the deal, which will enable GE to deploy its first Flexinverter solar technology outside the US. The project is part of the first Turkish solar Yeka tender launched by the Turkish Ministry of Energy under the Renewable Energy Resources Zones programme. GE Energy Financial Services global public capital Guto Davies leader 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 US. “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.”