Türkiye and Saudi Arabia sign $2 billion solar-energy agreement

On Friday, Türkiye and Saudi Arabia finalised a USD 2 billion solar energy agreement at a signing ceremony held in an Ottoman-era palace overlooking the Bosphorus in Istanbul. The deal cements plans by Saudi company ACWA Power to build two large solar power plants in Türkiye capable of supplying electricity to more than two million homes.

From Riyadh to Istanbul: a ceremony following an intergovernmental energy pact

Under the agreement, ACWA Power — 44% of which is owned by Saudi Arabia’s Public Investment Fund — will build two solar plants, each with a capacity of 1,000 megawatts, in the provinces of Sivas and Karaman in Central Anatolia. With a combined capacity of 2,000 megawatts, the two projects are expected to meet the electricity needs of around 2.1 million households.

Construction will begin later this year, with commercial operation targeted for early 2028.