Turkey and Saudi Arabia Sign $2 Billion Solar Energy Agreement

2,000 Megawatt Capacity in Sivas and Karaman Turkey and Saudi Arabia have entered into a strategic energy cooperation, launching major solar energy projects in the Sivas and Karaman regions.
Under the intergovernmental agreement signed in Istanbul, solar power plants (SPP) with a total capacity of 2,000 megawatts will be constructed in Sivas and the Karaman Taşeli regions.
Minister of Energy and Natural Resources Alparslan Bayraktar announced the details of the projects to be carried out with Saudi energy giant Acwa Power.
Minister Bayraktar stated that 1,000-megawatt plants will be established in each province, representing an investment volume of approximately $2 billion, with production scheduled to begin in 2028.
Direct Foreign Investment and Long-Term Purchase Guarantees Emphasizing that this project is one of the largest direct foreign investments in the energy sector, Minister Bayraktar provided key information regarding electricity purchase terms.
He noted that the determined purchase prices will be valid for 25 years, with the total purchase period spanning 30 years.
This step is recorded as the first concrete link in Saudi Arabia's plan to invest in a total of 5,000 megawatts of wind and solar energy in Turkey.
2035 Renewable Energy Vision Highlighting the acceleration of Turkey's renewable energy capacity, Minister Bayraktar recalled that by the end of 2025, 62% of the total installed electricity capacity will consist of renewable sources.
Noting that the installed capacity in solar and wind energy has exceeded the 40,000-megawatt threshold, Bayraktar emphasized that 8,000 to 10,000 megawatts of new investment will be commissioned annually to reach the target capacity of 120,000 megawatts by 2035.