New Saudi Investment of $2 Billion in Turkey's Solar Energy Sector
An agreement has been signed for a Saudi investment in solar energy in Turkey.
Translated by Qiyas from الجريدة — Original source
The agreement was signed during a ceremony held in Istanbul, attended by Turkish Minister of Energy and Natural Resources Alparslan Bayraktar, as part of a governmental accord between Ankara and Riyadh to develop renewable energy projects.
Turkish news agency Anadolu quoted Bayraktar as saying in a press statement after the signing that the two plants will begin commercial operations in early 2028 and are expected to supply electricity to approximately 2.1 million households, with a local content requirement of at least 50 percent for both projects.
He noted that the agreement represents a strategic step within Turkey’s efforts to boost its renewable energy capacity, reaffirming his country’s aim to reach a combined solar and wind power capacity of 120,000 megawatts by 2035.
He added that these projects are part of a broader agreement with Saudi Arabia to develop solar and wind power plants with a total capacity of up to 5,000 megawatts, thereby enhancing energy security and investment cooperation between the two countries.
