• Acwa will develop 5 renewable energy projects with a total of 5 GW capacity in Türkiye.
  • The program brings up to USD 5 billion in foreign direct investment, helping Türkiye reach its 120 GW renewables target by 2035.
  • Build on Acwa’s experience in Türkiye, which includes the 927 MW Kırıkkale Independent Power Project (IPP).
  • Renewable energy projects will provide fixed-price electricity at a competitive price, reduce fuel imports, and advance Türkiye’s net zero goals.

Riyadh, Kingdom of Saudi Arabia: Acwa, the world’s largest private water desalination company, leader in energy transition, and first mover into green hydrogen, has signed an Investment Agreement Key Terms (IA Key Terms) with the Ministry of Energy and Natural Resources of the Republic 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 program follows Acwa’s first investment in the country, the 927 MW Kırıkkale IPP project valued at USD 930 million and which offsets approximately 1.8 million tons of CO₂ 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 program will support Türkiye’s climate ambitions by reducing emissions by 41% 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.”

Program Impact

The 5 GW renewable energy program will deliver fixed-price electricity, providing predictability for grid planning and industrial investment. Displacing imported fossil fuels with domestically generated clean power will significantly 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 program’s economic benefits extend well beyond the up to USD 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.

Localization and Partnership

Acwa’s existing progress in the country shows a deep appreciation for Turkish engineering, construction, and manufacturing capacity. Localization has been a strategic priority and Acwa has already achieved 100% local employment at its developments in Türkiye.

About Acwa

Acwa (TADAWUL: 2082) is a Saudi-listed company and the world’s largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, Acwa employs over 4,000 people and is currently present in 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia. Acwa’s portfolio comprises 111 projects in operation, advanced development, or under construction with an investment value of SAR 430 billion (USD 114.8 billion) and the capacity to generate 93 GW of power (of which 52GW is renewables) and manage 9.3 million m3/day of desalinated water. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.

Learn more: www.acwapower.com

Acwa Media Contacts:  
Halah Mohsen
Director Media Affairs & External Comms
hmohsen@acwapower.com
media.inquiries@acwapower.com