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FINANCE WITHOUT BORDERS:
financing the factories behind
the energy transition
Halil Demirdağ, Executive Chairman, Smart Solar Technologies
across markets, supported by clear standards and
practical mechanisms for sharing risk.
The Same Sun, Different Financing Conditions
Solar investment is particularly sensitive to
financing conditions because much of its cost is
Halil Demirdağ incurred before electricity generation begins. A
Executive Chairman, strong solar resource and proven technology are
Smart Solar Technologies not enough when debt is expensive, maturities are
short or revenues and borrowing are in different
As a solar manufacturer and investor, I see currencies.
the energy transition from two connected
perspectives: the power plants that generate Manufacturing adds another dimension. A solar
clean electricity and the factories that make cell factory requires patient capital, specialised
those plants possible. Both require long-term skills and confidence in future demand. Its
investment. Yet discussions about climate contribution extends beyond its own operations:
finance too often focus on deploying technology, it builds technical capabilities, supports suppliers
with less attention to building the industrial and gives developers more options for sourcing
capacity behind it. equipment.
For COP31 in Antalya, my proposal is Solar technology is fundamentally a
straightforward: bring clean-technology semiconductor technology: photovoltaic cells rely
manufacturing into the centre of climate finance. on the same silicon-based materials, precision
If we want an energy transition that reaches manufacturing processes and specialised
more countries, creates lasting employment and expertise that underpin the broader semiconductor
withstands supply disruptions, we must finance the industry. Financing solar cell manufacturing
capacity to produce it. therefore goes beyond supporting renewable
energy; it also strengthens a country’s advanced
This is what I mean by “Finance without borders”: manufacturing capabilities, technological
making capital accessible to credible projects competitiveness and industrial resilience.
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