Financing With a 22-Year Maturity to Polat Enerji for Renewable Energy Investments

Polat Enerji, a joint venture of Polat Holding and İş Enerji, has secured EUR 127 million in cash financing from BayernLB, Germany's leading investment bank, with TSKB's letter of guarantee amounting to EUR 143 million. Through this project financing, wind capacity will be increased by 110 MW while investments will be made in energy storage. Constituting the financing with the longest maturity (22 years), this agreement has reinforced Polat Enerji's strong and reliable position in international arena. The agreement was announced to the public with a signing ceremony held at Renaissance Istanbul Polat Bosphorus Hotel on Monday, 21 July.

Polat Enerji, a joint venture of Polat Holding and İş Enerji, signed a cash financing agreement totaling EUR 127 million with BayernLB, Germany's leading investment bank, through a letter of guarantee of EUR 143 million issued by TSKB (Industrial Development Bank of Türkiye). It was announced that, through this project financing, wind capacity would be increased by 110 MW while investments would be made in energy storage.

The signing ceremony, which took place at Renaissance Istanbul Polat Bosphorus Hotel on 21 July, was attended by Adnan Polat, Chairman of the Board of Directors of Polat Enerji; Eda Polat Gkinosatis, Member of the Board of Directors of Polat Enerji; Neşet Özgür Cireli, Member of the Board of Directors of Polat Enerji; Kayahan Karadaş, Member of the Board of Directors of Polat Enerji; Murat Bilgiç, TSKB CEO; Hasan Hepkaya, Executive Vice President of TSKB; Dominik Berthold, Head of Export Finance Department at BayernLB; and Sebastian Schenk, Senior Director of Energy and Infrastructure Sectors at BayernLB.

This partnership, which is a milestone for the Turkish energy sector and the longest financing agreement in Türkiye's history with a 22-year maturity, has once again proved Polat Enerji's reliable position in both Türkiye and Europe. This financing agreement, for which TSKB and Euler Hermes provided collateral support, reinforced the confidence in the renewable energy sector in Türkiye. The EUR 127 million cash financing extended by BayernLB will be used for 110 MW Wind Capacity Expansion investments and 132 MW Energy Storage Investment in Geycek WPP, Ege WPP and Göktepe WPP projects. Polat Enerji, which will reinforce its leading position in the field of sustainable energy and capacity increase via this investment package provided with favorable and competitive financing conditions, will also make one of the largest investments in the field of energy storage in Türkiye.

At the signing ceremony, Polat Enerji Board Member Neşet Özgür Cireli said, "We continue to uninterruptedly invest in line with Türkiye's renewable energy targets. We are pleased to contribute to the energy transformation process of our country through the capacity increases and energy storage investments we will make in our Geycek WPP, Ege WPP and Göktepe WPP projects. This agreement is an important indicator of Polat Enerji's strong financial structure and international credibility. We would like to thank all our stakeholders, especially BayernLB and TSKB."

Polat Enerji Board Member Kayahan Karadaş remarked, "We believe that renewable energy investments are more important than ever in this period when the energy supply security of our country is becoming increasingly important in the face of the fluctuations in the energy markets and global developments. While the high borrowing costs in the current economic conjuncture slow down the investments in the sector, as Polat Enerji, we are one step closer to our targets thanks to this long-term financing package extended at favorable and competitive financing conditions, and we continue to contribute to the green transformation of our country without slowing down."

TSKB CEO Murat Bilgiç said: "We are witnessing the increasing strategic importance of energy storage solutions in addition to renewable energy and energy efficiency investments in Türkiye's transition to a low-carbon economy. One of these is Polat Enerji's 110 MW wind capacity increase and 132 MW energy storage investment. At TSKB, we are pleased to contribute to this visionary project through our letter of guarantee support. In the light of our mission to support sustainable and inclusive development, we continue to launch financing models in line with Türkiye's national energy targets, and we believe that this strong cooperation will inspire the promotion of similar projects in the upcoming period."

Dominik Berthold, Head of Export Finance Department at BayernLB, commented, "The successful completion of the financing agreement under Euler Hermes is an important milestone in our long-standing cooperation with Polat Enerji as BayernLB. This agreement is a strong demonstration of BayernLB's strategic approach to supporting sustainable transformation and innovation in various sectors. We are pleased to maintain our mission to be a reliable partner for sustainable progress by contributing to projects that promote economic growth, environmental responsibility and social benefit. We would like to extend our sincere thanks to Polat Enerji, TSKB and all stakeholders for their devoted efforts to ensure the successful implementation of this process."

Through this long-term and international financing, Polat Enerji further strengthens its pioneering position in renewable energy and energy storage in Türkiye, while reinforcing international confidence in the energy sector.