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Deals SACE - 26 May 2023

SACE, Çalik Enerji and ING: A €40 million innovative deal to support power and renewable energy generation projects with Italian technologies worldwide

SACE, Italy’s Export Credit Agency, and Çalık Enerji, a Turkish diversified energy conglomerate active in EPC, utility and renewable energy investment sectors, announce an important and unique transaction to support the realization of power and renewable energy generation projects – with Italian technologies and know-how – worldwide.

SACE has guaranteed the € 40 million loan facility to be disbursed by ING in favor of Çalık Enerji with a utilization period of 2 years and a repayment period of 6.5 years to support contracts awarded to Italian companies for upcoming power and renewable energy generation projects in third countries. Çalık Enerji is ranked #25 globally in ENR’s 2022 Top International Contractors List for the power segment, and currently operates a renewable energy generation portfolio of 140 MW, projected to increase to 1,050 MW by 2030.

The SACE Facility will give opportunities and increase competitiveness of Italian companies, including SMEs, to bid for upcoming projects thanks to the committed facility to Çalık Enerji. The supply chain of Italian companies potentially involved is extensive and over 30 companies have already participated in business matching events organized by SACE in Italy. The next matchmaking will take place at OMC 2023 – Med Energy Conference & Exhibition, the premier event in the Mediterranean area for all professionals and associations of the energy sector.

This is the first time SACE has granted cover to an energy EPC company in Turkey, based on company’s own balance sheet, under its Multi-Tied Buyer’s Credit Scheme, and the first-time features of a Multi-Tied Buyer’s Credit and a classical Buyer’s Credit schemes have been combined under a single committed facility.

Thanks to the operation and its hybrid scheme, Çalık Enerji will increase its procurement from Italian companies, following an assessment process in compliance with OECD rules, including the Common Approaches on Environmental and Social Due Diligence. 

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