TOSYALI, a leading global green steel producer, announced today that it has secured long-term international financing for its energy transition and sustainability investments. The company has signed Export Finance Buyer Credit Agreements worth 187 million euros with BBVA, under the cover of Spanish Export Credit Agency Cesce, for its Osmaniye and Niğde Projects in the first phase of its solar power plant (SPP) investments with a total capacity of 1.2 GW.
TOSYALI, with an annual crude steel production capacity of 15 million tons, is committed to strengthening its investments in sustainability and energy transformation through international financing sources.
The 187 million Euros Export Finance Buyer Credit Agreement, recently signed by TOSYALI with BBVA under Cesce cover, will be utilized for the implementation of Osmaniye and Niğde projects with a total installed capacity of 261 MW. This financing was mobilized in coordination with GE Vernova’s Financial Services business and represents the company’s first Spanish ECA-backed financing for a renewable energy project in Turkey. It also expands GE Vernova’s local footprint, as its technology already supports approximately 3.5 GW of installed solar capacity.
Inogen, the EPC Contractor, and GE Vernova Spain, the technology provider, were key project stakeholders of Osmaniye and Niğde Projects.
This financing agreement demonstrates international financial institutions’ confidence in TOSYALI’s long-term vision for green steel and energy transformation, as well as 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 are in addition to its existing 235 MW rooftop solar power plant capacity, which is already one of the world’s largest capacities in its segment. With this new investment, reaching 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 a crucial factor in determining competitiveness in the industry today. As TOSYALI, we prioritize sustainability in 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, not only aim to meet our own energy needs from renewable sources but also constitute 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. The 187 million Euros Export Finance Buyer Credit Agreement 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 to achieve our low-carbon production targets and further strengthen our leading position in the global green steel industry.”
Prof. Ali Murat SOYDAN, Chairman of Inogen Group, added: “Green transformation in the industry is one of the main agendas of our country, as it is all over the world. Together with our solution partners, we have adopted a one-stop-shop model in the energy sector in Turkey for many years, and today, we are pleased to be able to organize the experience we have gained here in a way that can meet the needs of our industrialists 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, at sozturk@medyaevi.com.tr.
