Saudi Arabia signs agreement for 5,000 MW renewable energy projects in Türkiye

Saudi Minister of Energy Prince Abdulaziz bin Salman and Turkish Minister of Energy and Natural Resources Alparslan Bayraktar signed the deal

Saudi Arabia and Turkey signed today, Feb. 3, an agreement for renewable energy generation projects during the Turkish President’s official visit to the Kingdom.

The agreement was signed by Saudi Minister of Energy Prince Abdulaziz bin Salman and Turkish Minister of Energy and Natural Resources Alparslan Bayraktar.

It aims to deepen cooperation in renewable energy and green technologies and support the development and execution of high-quality projects that contribute to diversifying the energy mix.

Under the agreement, solar power plants with a total installed capacity of up to 5,000 megawatts (MW) will be developed in Türkiye in two phases. The first includes two solar projects in Sivas and Karaman with a combined capacity of 2,000 MW, while the second one will add a further 3,000 MW under agreed frameworks.

According to the Saudi Press Agency, first-phase projects will offer highly competitive electricity prices compared with other renewable power plants in Türkiye.

The projects, with investments of around $2 billion, are expected to supply electricity to more than two million Turkish households.

Power generated will be purchased by a state-owned Turkish company under a 30-year offtake agreement, with maximum use of local equipment and services during project execution.