UK Markets closed

British export credit agency to finance Turkey's biggest solar energy plant

·1-min read

ANKARA (Reuters) - Britain's export credit agency UK Export Finance (UKEF) said on Monday it would provide over £217 million ($291.04 million) worth of government backing to help construct Turkey's largest solar facility, in its largest-ever guarantee for a solar project.

Turkey's Kalyon Enerji's 1.35GW Karapinar solar project will deliver clean electricity to approximately two million Turkish households when completed in late 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 the statement.

"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."

The plant will prevent 1.5 million tons of carbon emissions annually and, by the end of 2022, increase the share of solar energy in Turkey's total energy production by 20%, the statement by UKEF said.

UKEF added that the plant would ultimately serve the needs of 2 million people.

UKEF is the UK's export credit agency and a government department, working along-side the Department for International Trade as an integral part of its strategy and operations.

($1 = 0.7456 pounds)

(Reporting by Ece Toksabay; editing by Diane Craft)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting