Kalyon Holding solar plant project

The challenge

Kalyon was selected to act as contractor, investor, concessionaire, and operator for Karapınar Solar Power Plant, the first project to be executed under Turkey’s renewable energy initiative. Kalyon also served as the technology developer and manufacturer of the power plant. This required an extensive design and construction process, followed by commissioning, operation and maintenance of the facility. The sheer size of the project, stretching across approximately 20 million square meters of land in the Karapınar district, made this the largest solar power plant in Turkey and Europe’s largest power plant built on a single site.

To ensure the success of the project, Kalyon had the responsibility of arranging large-scale financing. However, securing this funding required coordinating across multiple stakeholders within the Turkish government, UK Export Finance, and multiple lenders. Additionally, Kalyon needed to diversify funding opportunities and overcome pandemic-related road bumps like supply chain obstacles and limited funding resources.

Kalyon also faced technological challenges. The solar panels proposed for the project, Kalyon PV Modules, were new to the market and would be used for the first time for Karapinar Solar Power Plant. Lenders and technical advisors needed proof of reliability before funding the project.