Recently, Karapinar Power Station, the largest photovoltaic project under Turkey’s Renewable Energy Regional Program (YEKA), signed a financing agreement of US$ 812 million to achieve financing closure.

The project is located in Konya Province, central Turkey, with a total installed capacity of 1.35GW. It is developed by Turkish local energy company Kalyon Enerji Yatitimlari and is expected to be completed by the end of 2022.

The equity-to-debt ratio of the project is 30:70. JPMorgan Chase takes the lead in financing. The loan term of the project is 12 years. The specific conditions of the investors are as follows:

-JP Morgan, Morgan Corporation, approximately US$291 million;

-Vakıf Bank, Turkey’s fifth largest bank, Vakif Bank, about US$150 million;

-Denizbank, Turkey’s large private bank Deniz Bank, about 100 million U.S. dollars;

-Garanti BBVA, Turkish financial services company, about 75 million US dollars;

-İşbank, Turkish Commercial Bank, approximately US$70 million;

-Turkiye Kalkinma Bankası, Turkish Development Bank, approximately US$50 million;

-Türkiye Sınai Kalkınma Bankası, Turkish Private Development and Investment Bank, about 50 million US dollars.

In November, in order to support the development of the project, the UK government’s export credit agency-UK Export Finance (UKEF) and General Electric Financial Services (GE) reached an agreement under which the former would provide a US$291 million buyer’s credit guarantee for the project. Speed ​​up the financing process of the project. General Motors is the equipment supplier, construction related party and commissioning operation service provider for this project.

In this project, the consulting company mainly includes:

-British Linklaters Law Firm

-Clifford Chance

-Selvi Ertekin Law Firm, Istanbul, Turkey

-PricewaterhouseCoopers