Spanish banking group BBVA has announced that it has provided €187 million in financing to Turkish steel producer Tosyalı to support the first phase of its solar energy plan in Turkey.
Structured as an Export Finance Buyer Credit facility backed by Spain’s export credit agency Cesce, the financing will support the development of the Osmaniye and Niğde solar projects, which will be delivered by GE Vernova and Inogen. The projects will add 261 MW of installed capacity and support the company’s ongoing energy transition.
Tosyalı advances 1.4 GW renewable energy target
The investment represents the first phase of Tosyalı’s program to achieve 1.4 GW of renewable self-generation capacity. With an annual crude steel production capacity of 15 million mt, the company has established itself as one of the world’s leading steel producers incorporating sustainability into its operations.
The new solar projects build on the 235 MW of rooftop solar capacity already installed at Tosyalı’s industrial facilities and are expected to contribute to the development of one of the world’s largest industrial self-consumption renewable energy projects.
Strengthening energy independence
Fuat Tosyalı, chairman of Tosyalı Holding, stated that energy transformation has become one of the most important factors determining industrial competitiveness. He said the company places sustainability at the center of its business by transforming its production and energy processes with a long-term perspective.
According to Tosyalı, the solar power investments, which will ultimately reach a total capacity of 1.4 GW, are intended not only to meet the company’s renewable energy needs but also to strengthen its energy independence and reinforce its global ambition in green steel production.
