Eur 100 Million Co-Financing For Domestic Technology Production
İşbank and TSKB extended a total of EUR 100 million in co-financing for Schmid Pekintaş's solar cell investment to be launched under the HIT-30 Programme. The 10-year financing aims to increase Türkiye's production capacity in renewable energy technologies.
İşbank and TSKB (Industrial Development Bank of Türkiye) have engaged in a collaboration that will make a significant contribution to the development of domestic energy technologies. Planned under the Ministry of Industry and Technology's HIT-30 High Technology Incentive Programme, Schmid Pekintaş's solar cell investment with a total capacity of 5 GW was financed in EUR 100 million on a 50%-50% basis. HIT-30 is an investment programme that offers comprehensive support and incentives to special projects in high priority technology areas and develops tailor-made solutions, including green energy projects.
The investment launched by Schmid Pekintaş in line with the green transformation targets of our country through the 10-year financing extended by the two banks aims to accelerate the development of domestic capacity in cell production, one of the most important technologies of solar energy systems.
Cahit Çınar, Executive Vice President of İşbank, said: "Contributing to the renewable energy sector in our country with the solar panels it has produced since 2013, Schmid Pekintaş will also start producing domestic cells used in solar panels, boosting our energy supply security and providing robust support to our sustainable development and technology transformation goals. We are pleased to take part in this cooperation in line with our approach that prioritizes the financing of projects that create added value in the real sector and consider environmental and economic sustainability together. I would like to take this opportunity to congratulate all stakeholders that have contributed to this project and wish that the investment will be beneficial for our country and the sector."
Commenting on the agreement, TSKB CEO Ozan Uyar said, "We believe that this high-tech investment to be initiated by Schmid Pekintaş will be one of the most strategic links that will accelerate our country's green transformation targets. The solar cell investment under the HIT-30 Programme serves Türkiye's vision of becoming a global player in the production of clean energy equipment. We will continue to stand by such technology-oriented projects that contribute to Türkiye's renewable energy targets and to be the long-term solution partner of our stakeholders."
Özhan Olcay, Chairman of the Board of Directors of Schmid Pekintaş, made the following remarks: "As Schmid Pekintaş, we are proud of launching our TOPCon Plus (TOPCon+) investment, which is considered the most advanced level in cell technology, as well as having the largest solar panel production capacity in Europe.
Under the HIT-30 programme, we are launching our 5 GW capacity solar panel cell production investment in Düzce Beyköy 2nd Organised Industrial Zone with the support of the Ministry of Industry and Technology of the Republic of Türkiye and our President. In our facility, which will be established with a total investment of USD 500 million, cells will be produced entirely with domestic and national technology and supplied to all our industry stakeholders across Türkiye. We aim to start our first domestic cell production in March 2026, supply the Turkish market as well as exporting to the US market with the Made in Türkiye label. We would like to express our gratitude on behalf of our group to İşbank and TSKB, the leading financial institutions of our country, for the support they have provided to our investment and the trust they have shown in our company within the framework of the long-term sustainable loan financing throughout this process as well as their esteemed senior management and to all our valuable managers and teammates who have contributed to this process."
