UK To Provide Credit For Turney's Largest Solar Project

UK To Provide Credit For Turney’s Largest Solar Project

By Saur News Bureau/ Updated On Mon, Nov 15th, 2021

The UK Export Finance (UKEF) said on Monday it would provide over £217 million ($291.04 million) in export credit for the financial closure and construction of Turkey’s largest solar facility. This will be the largest ever commitment from UKEF for a renewable energy project, indicating the clear shift in priorities underway at European governments post COP26. Financing for the energy transition has been a sticking point in negotiations between developed and developing countries, and Turkey, despite being relatively richer, will still struggle to fund its renewable push thanks to a troubled economy.

The project in question here is Turkey‘s Kalyon Enerji’s 1.35GW Karapinar solar project, scheduled for completion in 2022.

“With over £200 million pounds worth of backing, we are helping to bring solar energy to two million Turkish households,” International Trade Secretary Anne-Marie Trevelyan said in a statement.

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“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.”

With this plant, Turkey hopes to see the share of solar energy in its total energy production increase by 20%. The country has a target of 10 gigawatts (GW) each of solar and wind capacity in the period 2017-27. The share of solar power in the country’s total installed electricity capacity rose to 7.5 percent by the end of July.

Turkey added 658 megawatts of solar capacity in the seven months of this year, bringing the country’s total solar power capacity to 7,325 megawatts, which represents 14 percent of total renewables capacity.