Saudi Arabia and Turkey have signed a $2 billion solar energy investment agreement during Turkish President Recep Tayyip Erdoğan’s visit to Riyadh. In the first phase, two solar plants with a combined capacity of 2,000 megawatts will be built in Turkey’s Sivas and Karaman provinces.
The long-term goal is to generate up to 5,000 megawatts of electricity from solar and wind energy. Once completed, the project is expected to supply power for around 2.1 million homes. The Turkish government will purchase electricity from the plants at a reduced rate for 30 years.
The agreement also requires that 50% of the equipment used in the project be locally manufactured. Construction will be led by Saudi energy company ACWA Power, with work set to begin in 2027 and completion targeted for 2029.
