Turkish steel producer Kardemir Çelik has signed a €13.99 million loan agreement to build solar power plants with a total capacity of 28.11 MW in the provinces of Van and Muş. The agreement with DZ Bank AG Deutsche was signed on November 5, 2026.
The loan is covered by insurance from China’s export credit agency Sinosure and has a repayment term of 9.5 years. Kardemir Çelik said on September 30 that Sinosure had approved financing for the investments. The company expects the solar projects to be commissioned around seven months after the agreement was signed.
Kardemir Çelik said the investment would help reduce energy costs, improve profitability and support its sustainability targets. Sinosure has also approved financing for the company’s planned €22.35 million rolling mill modernization project.
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