Tosyalı has raised €187 million for a solar power development project

The Spanish bank BBVA has provided the Turkish steel group Tosyalı with €187 million in financing to support the first phase of its solar energy development plan in Turkey. This is according to a statement from BBVA.

The financing from BBVA, backed by the Spanish export credit agency Cesce, is earmarked for the development of the Osmaniye and Niğde solar projects – Tosyalı’s first two sites as part of its photovoltaic energy investment programme. It will enable the construction of both power stations, which will add 261 MW of installed capacity to the company’s portfolio, whilst supporting its energy transition.

These investments form the basis of the first phase of Tosyalı’s programme, through which the Turkish steel producer aims to achieve 1.4 GW of its own renewable generation capacity.

Tosyalı has established itself as one of the world’s leading steel producers, integrating sustainability criteria into its production processes, BBVA notes. The company’s project is based on 235 MW of rooftop solar panels already installed at its industrial sites.

The agreement takes the form of an export buyer’s credit. GE Vernova Spain is also participating in the project as an equipment supplier, alongside Inogen as the contractor under a ‘design-procurement-construction’ arrangement.

As Fuat Tosyalı, Chairman of the Tosyalı Group, noted, the energy transition has become one of the most important factors currently determining competitiveness in industry. The company’s investments in solar power stations are aimed not only at meeting the group’s own energy needs from renewable sources. They also form part of a strategic transformation initiative that strengthens Tosyalı’s energy independence and bolsters its global ambitions in the production of green steel.

It should be recalled that Fuat Tosyalı previously stated that Turkey must join the green transition.