· Turkey's largest solar facility, equipped with GE solar power station technology, is equivalent to over 4,600 football pitches in size

· GE Energy Financial Services facilitates export credit guarantee through UKEF to J.P. Morgan's project finance package

General Electric (NYSE: GE) and UK Export Finance (UKEF), UK’s export credit agency, today announced that an agreement has been reached to finance Kalyon Enerji’s 1.35 GW Karapinar solar project located in the Konya Karapinar province. The solar power plant is Turkey’s largest solar facility, approximately 11km long and 3km wide, equivalent to over 4,600 football pitches.

GE Energy Financial Services worked with UKEF, who are set to guarantee a US$291 million [£217 million] Buyer Credit Facility, subject to financial close. This will enable GE to deploy its first FLEXINVERTER solar technology outside the U.S., supporting Turkey’s clean energy goals and facilitating trade for UK suppliers. Financing for the project will be structured on a project finance basis and raised through J.P. Morgan as acting lead arranger and lender supported by the UKEF guarantee.

The integration of the FLEXINVERTER solar technology and the assembly of the solar power station will occur in the UK, supporting around 100 UK jobs directly and indirectly in the supply chain. As part of the localization requirements, GE’s Grid Solutions site in Gebze, Turkey will be producing transformers for integration in the solar inverter system. In addition to GE’s solar technology, the export contract also covers design, engineering, project management, site management, and commissioning.

GE Renewable Energy has already completed the commissioning of the FLEXINVERTER solar power station technology for the 267 MW Kalyon Enerji’s Karapinar phase I solar plant. Upon full completion, expected by late 2022, the facility will deliver clean electricity to approximately two million Turkish households.