Government backs £217m Turkish solar power plant to meet COP26 climate goals
The government is supporting the largest solar power station in Turkey to the tune of £217m, which will initially be assembled in the UK.
The public money will go towards Turkish conglomerate Kalyon Group’s 1.35GW Karapinar solar project, as the UK aims to deliver on climate pledges made at COP26.
Ministerial department UK Export Finance is financing the project, and argues it will support over 100 British jobs, as the plant will be assembled in the UK alongside the integration of the solar technology.
The UK’s export credit agency will guarantee a £217 million buyer credit facility.
GE Energy Financial Services has supported UKEF to agree the deal, and will deploy solar technology outside the U.S for the first time, supporting Turkey’s clean energy goals and boosting trade for UK suppliers.
The facility is equivalent in size to over 4,600 football pitches in size, and deliver clean electricity to approximately two million Turkish households when completed in late 2022.
The project will help Turkey expand its renewable energy resources and commission 10 GW of solar capacity between 2017-27, according to the IEA.
International trade secretary Anne-Marie Trevelyan, said: “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.”
Guto Davies, global public capital leader at GE Energy Financial Services, said: “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.”