Tosyalı Çelik Signs Financing Agreement for Two Solar Projects

Tosyalı Çelik has signed a financing agreement for two solar power plants with a combined capacity of 261 megawatts, to be developed in the Turkish provinces of Osmaniye and Niğde.

According to a company statement, Tosyalı Çelik and BBVA signed an Export Finance Buyer Credit Agreement worth €187 million, coordinated by GE Vernova’s Financial Services unit. Spain’s export credit agency, Cesce, is providing a guarantee for the loan.

The company said the agreement marked the first time GE Vernova had arranged Cesce-backed financing for a renewable energy project in Türkiye.

GE Vernova has provided approximately $850 million in financing for solar energy projects in Türkiye to date, the statement added.

GE Vernova will serve as the technology supplier for the projects, while İnojen Enerji Teknolojileri ve Yatırımları A.Ş. will be responsible for engineering, procurement and construction services.

Tosyalı, which ranks among the world’s leading green steel producers with annual crude steel production capacity of 15 million metric tons, currently has 235 megawatts of installed solar capacity. The company aims to increase that figure to 1.2 gigawatts.