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Spanish lender BBVA has provided €187 million ($213.3 million) in export financing to Türkiye's Tosyali Holding to help fund the first phase of its 1.2-gigawatt solar power investment as the steelmaker steps up efforts to align with the EU's tightening carbon rules.
The financing comes under an Export Finance Buyer Credit Agreement backed by Spain's export credit agency, Cesce, and will fund solar power plants in the southern provinces of Osmaniye and Nigde, with the two projects having a combined installed capacity of 261 megawatts, the Turkish steelmaker stated.
The new investment follows Tosyali's previously completed 235 MW rooftop solar project, one of the largest in its segment worldwide.
Once the latest projects are completed, the company's total installed renewable energy capacity will reach 1.4 GW, making it one of the world's largest self-consumption-focused renewable energy projects.
"Energy transformation has become one of the most important factors determining competitiveness in industry today," Tosyali Holding Chairperson Fuat Tosyali said.
"Our solar investment, which will reach a total capacity of 1.4 GW, is not only aimed at meeting our own energy needs through renewable sources but also at strengthening our energy independence and reinforcing our global position in green steel production," he added.
Tosyali Holding is Türkiye's largest steel producer, ranking 32nd globally with 12.1 million tons of crude steel output in 2025, according to the World Steel Association.
The company operates nearly 50 facilities across three continents, with a presence in Türkiye, Algeria, Angola, Libya and Spain, supplying steel products to industries including automotive, construction, energy and household appliances.
As it expands its renewable energy investments, Tosyali aims to meet about 50% of its electricity demand from solar power while pursuing its goal of becoming one of the world's top 20 steel producers.
The push comes as steelmakers face growing pressure to reduce emissions under the European Union's Carbon Border Adjustment Mechanism (CBAM), which applies a carbon price to imports of emissions-intensive goods such as iron and steel.
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