On the evening of February 3rd local time, Turkey and Saudi Arabia signed an intergovernmental renewable energy investment agreement in the Saudi capital, Riyadh. The Saudi side will invest approximately $2 billion to build solar and wind power projects in Turkey with a total installed capacity of 5,000 megawatts.
According to the content of the agreement, related projects will be constructed by Saudi enterprises within Turkey’s borders. The first phase involves the construction of solar power stations with a total capacity of approximately 2,000 megawatts in the central Turkish provinces of Sivas and Karaman. The Turkish Ministry of Energy and Natural Resources stated that project funding will primarily be completed through external financing and credit support provided by international financial institutions.
Turkish Minister of Energy and Natural Resources, Bayraktar, stated that once these solar power stations are completed, they are expected to meet the electricity needs of approximately 2.1 million households, making it one of the largest foreign direct investments in Turkey’s energy sector. He emphasized that this cooperation project marks a significant step in Turkey’s efforts to advance its energy transition and expand its clean energy installed capacity.
