Saudi Arabia and Turkey sign an agreement on renewable energy projects

Renewable Energy

The agreement aims to enhance cooperation between the two countries in the fields of renewable energy and green technologies, and to support the development and implementation of high-quality projects that contribute to diversifying the energy mix, enhancing its security, and advancing the transition towards a low-carbon economy, in line with the priorities and strategies of the two countries.

The agreement includes the development and implementation of solar energy station projects, in the Republic of Turkey, with a total installed capacity of up to 5000 MW, in two phases; The first phase includes two solar energy projects, in Sivas and Kerman, with a total capacity of 2,000 MW.

The second phase includes other projects implemented according to the frameworks agreed upon between the two parties, with an additional capacity of 3,000 MW. The first phase projects offer very competitive prices for selling electricity, compared to other renewable energy plants in Turkey.

Moreover, these plants, with investments amounting to about two billion US dollars, will supply more than two million Turkish families with electricity.

Strengthening the investment partnership

A Turkish state-owned company will purchase the electricity generated from these plants for thirty years, and during the implementation of the projects, the maximum use of equipment and services will be achieved locally.

The two sides stressed that this agreement represents an important step towards strengthening the investment partnership between the Kingdom of Saudi Arabia and the Republic of Turkey.

It also reflects the mutual trust between the two countries, and their joint commitment to expanding cooperation in strategic projects with a sustainable economic and development impact, in accordance with international best practices, while contributing to the transfer of knowledge, building capabilities, and achieving mutual benefits for both brotherly countries.