TOSYALI secured 187 million Euro financing from Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) for its first phase of 1.2 GW solar investment

TOSYALI continues to accelerate its energy transition by securing
long term international financing for supporting its decarbonization
agenda and sustainability investments. The company has signed Export
Finance Buyer Credit Agreements worth 187 million euros with BBVA, under
Spanish Export Credit Agency Cesce’s cover, for Osmaniye and Niğde
Projects in its first phase of solar power plant (SPP) investments with
total capacity of 1.2 GW.

With an annual crude steel production capacity of 15 million tons,
TOSYALI, one of the world’s leading global green steel producers,
continues to strengthen its investments in sustainability and energy
transformation funded through international financing sources.

TOSYALI recently signed 187 million Euros Export Finance Buyer Credit
Agreement with BBVA under Cesce cover for Osmaniye and Niğde projects
under the first phase of its 1.2 GW Solar Power Plant investment. The
financing, mobilized in coordination with GE Vernova’s Financial
Services business, will be utilized for the implementation of these two
projects with total installed capacity of 261 MW.

This transaction represents GE Vernova’s first Spanish ECA-backed
financing for a renewable energy project in Türkiye, further
strengthening its track record of mobilizing approximately USD 850
million in solar financing in the market. It also expands the company’s
local footprint, where its technology already supports approximately 3.5
GW of installed solar capacity.

Inogen (EPC Contractor) and GE Vernova Spain (technology provider) acted
as key project stakeholders of Osmaniye and Niğde Projects.

This financing underpins international financial institutions’
confidence in TOSYALI’s long-term vision for green steel and energy
transformation. At the same time, it demonstrates the company’s strong
position in global financial markets and its ability to secure financing
for sustainability-focused investments.

TOSYALI’s 1.2 GW solar power plant investments represent a follow-on
investment on top of its existing 235 MW rooftop solar power plant
capacity which was developed earlier as one of the world’s largest
capacities in its segment. Today, with this new investment that will
reach a total capacity of 1.4 GW, the company is progressively
developing one of the world’s largest self-consumption-focused renewable
energy projects.

Commenting on the financing agreement, Fuat TOSYALI, Chairman of
TOSYALI Holding, said:

“Energy transformation has become one of the most important factors
determining competitiveness in industry today. As TOSYALI, we place
sustainability at the center of our business and are transforming all of
our processes, from production to energy, with a long-term perspective.
Our solar power plant investments, which we are implementing with this
vision and which will reach a total capacity of 1.4 GW, is not only
investments aimed at meeting our own energy needs from renewable
sources, but also a strategic transformation initiative that strengthens
our energy independence and reinforces our global ambition in green
steel production.

Strong international partnerships and access to sustainable financing
sources are critical for the implementation of investments of this
scale. Meanwhile, the 187 million Euros Export Finance Buyer Credit
Agreement that we have signed with BBVA under Cesce cover is an
important indication of the confidence that international financial
institutions place in TOSYALI’s vision and sustainable growth strategy.
Together with the strong collaboration we have established with GE
Vernova and Inogen, we are bringing together advanced technology,
engineering expertise and financing capabilities to deliver one of the
world’s largest self-consumption-focused solar power plant projects.
Through our renewable energy investments, we aim both to achieve our
low-carbon production targets and to further strengthen our leading
position in the global green steel industry.”

Prof. Ali Murat SOYDAN, Chairman of Inogen Group:

“Green transformation in industry is one of the main agendas of our
country, as it is all over the world. Here, together with our solution
partners, we have adopted a one-stop shop model in the energy sector in
Türkiye for many years, and today we are very pleased to be able to
organize the experience we have gained here in a way that can meet the
needs of our industrialists who are committed to green transformation.
Looking at the issue only from a financial point of view does not create
a very healthy perspective; creating the most suitable solution for the
need with optimal costs through the most accurate planning requires
great experience. As Inogen Group, with more than 15 years of experience
combined with 2000 employees in 7 different countries, and our strategic
collaboration with GE Vernova, we have gained the ability to perform
this optimization. I would also like to thank Mr. Fuat TOSYALI, who has
supported this project from day one and carried out the investment
process with determination.”

Serap Öztürk
Director of Media Relations
[email protected]