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Türkiye, Saudi Arabia Seal Renewable Energy Partnership
(MENAFN) Türkiye and Saudi Arabia on Tuesday finalized an energy investment deal valued at roughly $2 billion, focusing on solar energy initiatives in Türkiye, according to a statement by the Turkish energy minister.
"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, His Excellency Abdulaziz bin Salman Al Saud," Alparslan Bayraktar shared on the Turkish social media platform NSosyal.
Bayraktar explained that the agreement targets the development of solar and wind facilities by Saudi firms in Türkiye, with a combined installed capacity of 5,000 megawatts (MW).
He added that the initial stage of the venture will involve the construction of solar power stations totaling 2,000 MW in the central Anatolian provinces of Sivas and Karaman.
"We view these investments, which will be among the most significant examples of direct foreign investments in our energy sector, as fully financed through external funding. Credit will also be provided by international financial institutions," he stated.
According to Bayraktar, the planned solar installations—requiring an estimated $2 billion in capital—are expected to supply electricity to approximately 2.1 million households.
"These projects, which demonstrate confidence in Türkiye's investment climate and energy sector, constitute one of the most important steps toward the target set by our esteemed President to reach an installed capacity of 120,000 MW in solar and wind power by 2035," he added.
"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, His Excellency Abdulaziz bin Salman Al Saud," Alparslan Bayraktar shared on the Turkish social media platform NSosyal.
Bayraktar explained that the agreement targets the development of solar and wind facilities by Saudi firms in Türkiye, with a combined installed capacity of 5,000 megawatts (MW).
He added that the initial stage of the venture will involve the construction of solar power stations totaling 2,000 MW in the central Anatolian provinces of Sivas and Karaman.
"We view these investments, which will be among the most significant examples of direct foreign investments in our energy sector, as fully financed through external funding. Credit will also be provided by international financial institutions," he stated.
According to Bayraktar, the planned solar installations—requiring an estimated $2 billion in capital—are expected to supply electricity to approximately 2.1 million households.
"These projects, which demonstrate confidence in Türkiye's investment climate and energy sector, constitute one of the most important steps toward the target set by our esteemed President to reach an installed capacity of 120,000 MW in solar and wind power by 2035," he added.
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