Turkiye's President Approves Saudi Agreement On Renewable Projects
Ankara: Turkish President Recep Tayyip Erdogan approved today an intergovernmental agreement establishing a framework for cooperation between Turkiye and Saudi Arabia on the development of renewable energy projects.
Turkiye's Anadolu Agency (AA) reported that the intergovernmental agreement on renewable energy power plant projects, signed between Turkiye and Saudi Arabia on Feb. 3, was published in the Turkish Official Gazette following its approval by President Erdogan.
The agreement aims to strengthen cooperation between the two countries in renewable energy, green technologies and innovation, while encouraging large-scale projects that would contribute to Turkiye's energy supply security and green transition goals.
Under the first phase of the projects, two solar power plants will be built in Sivas province and Taseli in Karaman province, each with a capacity of 1,000 megawatts. Under the second phase, the agreement also provides for the development of additional renewable energy projects with a total installed capacity of 3,000 megawatts.
Each investment agreement will remain in effect for 30 years from the start of commercial operations at the relevant power plant, with the possibility of an additional period of up to two years for decommissioning the facility after the operating period expires.
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