Standard Chartered arranges EUR249 million financing for solar project in Türkiye

8 August, London, UK – Standard Chartered announces EUR249 million Export Credit Agency supported Green Loan financing for Kalyon Enerji, a Turkish energy company, which will enable the construction of Türkiye’s second-largest solar project to date. The project entails the construction and operation of solar power plants at seven separate sites, with aggregate power generating capacity of 390 MWp across the provinces of Bor-Nigde, Gaziantep and Sanliurfa-Viransehir. Upon completion, the project is expected to generate enough renewable electricity to power over 80,000 households in Türkiye annually.

Standard Chartered acted as Structuring Bank, Green Loan Coordinator, Lead Arranger and Lender. The financing is supported by UK Export Finance (UK’s Export Credit Agency)¹ and KUKE (Poland’s Export Credit Agency).

Renewable energy represents over half of the total installed electricity capacity in Türkiye. This new project will increase the availability of renewable energy in Türkiye and underscores the importance of supporting the global transition to a low-carbon economy, in line with the Bank’s net zero ambitions.²

Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered, said: “Through this important multi-site solar project in Türkiye, we were able to showcase our expertise to structure this Green Loan financing supported by UKEF and KUKE and contribute to our strategic priorities to help accelerate our clients’ transition to net zero. With our unique expertise in sustainable finance and a track record in financing renewable projects, we are proud to help shape the future of communities in our footprint.”

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. It also demonstrates how UK Export Finance can help businesses grow, export and boost economic growth.”

Dr. Murtaza Ata, CEO of Kalyon Enerji, said: “We are proud to be a driving force behind Türkiye’s transition to clean energy. In 2023, we became fully operational in Kalyon Enerji’s Karapınar Solar Power Plant, which is the largest solar power plant in Türkiye and Europe, contributing the 11% of the solar power generated in Türkiye. Thanks to our business partners for their support, by investing in renewable energy projects, we’re not only providing sustainable energy solutions, but also creating jobs and contributing to Türkiye’s energy independence using renewable energy sources.”

This latest financing follows other transactions Standard Chartered has delivered in Türkiye. In the past 5 years Standard Chartered has led more than EUR5 billion of long term ECA and Agency covered financing for its clients in Türkiye.

¹ This is separate to UKEF’s previous financing in 2021 for Kalyon Enerji’s Karapinar solar project – the largest solar project in Türkiye.

² See page 110 of our 2023 Annual Repo rt

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For further information please contact:

Denada Muka
Communications, Brand and Marketing Manager, Europe
Standard Chartered Bank
Tel: +44 7884476951
Email: Denada.Muka@sc.com

Standard Chartered
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