Türkiye has signed an energy investment agreement worth around $2 billion with Saudi Arabia covering large-scale solar power projects, Turkish energy minister has announced.
“In Riyadh, the capital of Saudi Arabia, we signed the Intergovernmental Agreement between the Government of the Republic of Türkiye and the Government of the Kingdom of Saudi Arabia on Renewable Energy Power Plant Projects with my Saudi counterpart,” Energy and Natural Resources Minister Alparslan Bayraktar said.
Bayraktar added that Saudi companies will construct solar and wind power plants in Türkiye with a total installed capacity of 5,000 megawatts.
As the first phase of the investment, solar power plant projects with a combined capacity of 2,000 megawatts will be implemented in the central Anatolian provinces of Sivas and Karaman.
“We view these investments, which will be among the most significant examples of direct foreign investment in our energy sector, as fully financed through external funding,” Bayraktar said, adding that credit will also be provided by international financial institutions.
He said the solar power plants, to be built with an investment of approximately $2 billion, will meet the electricity needs of around 2.1 million households.