GE and the UK's export credit agency UK Export Finance (UKEF) have agreed to fund Kalyon Enerji's 1.35GW Karapinar solar project in Konya Karapinar, Turkey.

Karapinar solar power plant is part of Turkish renewable energy investor Kalyon Enerji's solar investment portfolio. It is about 11 kilometers long and 3 kilometers wide, which is equivalent to more than 4,600 football fields. It will reduce 1.5 million tons of carbon emissions each year, and ultimately meet the needs of 2 million people.

As part of the agreement, UKEF will guarantee a US$291 million buyer’s credit facility, but subject to financial settlement conditions, GE will deploy its solar technology and ensure project design, engineering, project management, site management and commissioning.

Guto Davies, Global Head of Public Capital, GE Energy Financial Services, said: “GE is proud to be able to work with UKEF again to deliver one of Turkey’s most important renewable energy projects and GE’s first FLEXINVERTER solar power station technology outside of the United States.”

GE's FLEXINVERTER solar power station combines solar inverters, medium voltage power transformers, and optional medium voltage ring mains, integrated in a 20-foot ISO high cubic container. FLEXINVERTER is a key component of GE's renewable hybrid FLEX product portfolio, designed for multiple applications to achieve dispatchable green MWh.

The integration of GE's FLEXINVERTER solar technology and the assembly of solar power stations will be carried out in the UK, but GE’s Grid Solutions plant in Gebze, Turkey will produce transformers for solar inverter system integration.

GE Renewable Energy has completed the commissioning of the FLEXINVERTER solar power station technology for the Karapinar Phase I solar power plant of 267MW Kalyon Enerji.

The project is part of the first Turkish solar YEKA tender launched in 2017 by the Turkish Ministry of Energy according to the Renewable Energy Resources Area (YEKA) plan and will help Turkey expand its renewable resources.

Prakash Chandra, CEO of GE Renewable Energy, said: “Turkey’s solar energy has great potential and can be solved by smart solutions that will help to incorporate this natural energy in a reliable way. The grid, and in the utility-scale."

Anne-Marie Trevelyan, Chairman of COP26, Secretary of State for International Trade and British International Champion on Adaptation and Resilience, said: "With support worth more than £200 million (US$269 million), we are helping 2 million Turkish homes use solar energy.

"The UK's firm actions alone are not enough to deal with the climate crisis. UKEF's financing encourages other countries to invest in renewable energy, opens up new markets for British companies, and promotes a recovery based on green jobs."

The financing of the project will be constructed on the basis of project financing and will be raised through JP Morgan as the agent lead arranger and lender, and will be supported by UKEF guarantees.