Saudi Arabia - Acwa has signed an Investment Agreement Key Terms (IA Key Terms) with the Ministry of Energy and Natural Resources of Türkiye to develop 5 GW of renewable energy projects, starting with Phase 1 developments for 2 GW of solar capacity across two plants - Sivas and Taşeli.

Under the IA Key Terms, Acwa will develop, finance, construct, commission and operate both facilities.

A separate Power Purchase Agreement Key Terms (PPA Key Terms) has been concluded with Elektrik Üretim Anonim Şirketi (“EÜAŞ”) for the sale of electrical energy generated from each plant.

The development of the programme follows Acwa’s first investment in the country, the 927 MW Kırıkkale IPP project valued at $930 million and which offsets approximately 1.8 million tonnes of carbon annually.

Raad Al Saady, Vice Chairman and Managing Director of Acwa, said: “The signing of the IA and PPA Key Terms marks a pivotal moment in Acwa’s partnership with Türkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse. The 5 GW renewable energy programme will support Türkiye’s climate ambitions by reducing emissions by 41 per cent by 2030, achieving net zero by 2053, and scaling renewable capacity to 120 GW by 2035. Building on our long-standing presence, including the 927 MW Kırıkkale power plant commissioned in 2017, this step elevates our partnership to a new level.”

The 5GW renewable energy programme will deliver fixed-price electricity, providing predictability for grid planning and industrial investment.

Displacing imported fossil fuels with domestically generated clean power will reduce Türkiye’s exposure to volatile global energy markets, offering the country a direct pathway to enhanced energy independence and reduced long-term power costs.

The programme’s economic benefits extend well beyond the up to $5 billion in foreign direct investment (FDI) - thousands of jobs will be created, and hundreds of high-skilled positions will follow during the operational period.

Acwa’s existing progress in the country shows a deep appreciation for Turkish engineering, construction, and manufacturing capacity.

Localisation has been a strategic priority and Acwa has already achieved 100 per cent local employment at its developments in Türkiye. 

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