Türkiye and Saudi Arabia sign landmark renewable energy deal
Türkiye and Saudi Arabia inked a landmark 2 billion US dollars energy investment agreement on solar power projects, Turkish Energy Minister Alparslan Bayraktar announced, Qazinform News Agency learnt from Anadolu Agency.
Turkish Energy Minister Alparslan Bayraktar and Saudi Energy Minister Abdulaziz bin Salman Al Saud signed the agreement in Riyadh.
Under the agreement, Saudi companies will build renewable energy plants with a total capacity of 5,000 MW. 2,000 MW of solar projects will be built first in Sivas and Karaman.
Investments will be fully financed externally, with support from international financial institutions.
The solar plants are expected supply electricity to about 2.1 million households.
Power purchase agreements guarantee electricity for 25 years at fixed rates.
Construction of the plants is set to start in 2027, with the first phase completed by the end of that year and full rollout by 2028–2029.
He emphasized that the deal reflects confidence in Türkiye’s energy sector and supports the national goal of reaching 120,000 MW of solar and wind capacity by 2035.
Minister Bayraktar accompanied President Recep Tayyip Erdoğan during his visit to Riyadh.
Last December, Kyrgyzstan inaugurated its 1st solar plant.
