Saudi Arabia – Acwa has signed an Investment Agreement Principal Conditions (IA Principal Conditions) with Turkiye’s Ministry of Energy and Natural Resources to develop 5GW of renewable energy projects, starting with the phase 1 development of 2GW of solar capacity across two power plants in Sibas and Tasheri.
Under the key terms of the IA, Acwa will develop, finance, construct, commission and operate both facilities.
For the sale of the electrical energy generated from each power plant, separate Power Purchase Agreement Principal Terms (PPA Principal Terms) have been concluded with Elektrik Üretim Anonim Şirketi (“EÜAŞ”).
The development of this program follows Acwa’s first investment in the country, the 927 MW Kurkkale IPP project worth $930 million, which will offset approximately 1.8 million tonnes of carbon per year.
Raad Al Saadi, Vice Chairman and Managing Director of Acwa, said: “The signing of the key terms of the IA and PPA marks the partnership between Acwa and Turkiye, which reflects the country’s strong potential as a clean energy leader and manufacturing powerhouse. “The 5GW renewable energy program will support Turkiye’s climate ambitions by reducing emissions by 41 percent and reaching net zero by 2030.” ”
The 5GW Renewable Energy Program provides fixed-price electricity, bringing predictability to grid planning and industrial investment.
By replacing imported fossil fuels with domestically generated clean electricity, Turkiye will reduce its exposure to volatile global energy markets and provide the country with a direct path to greater energy independence and lower long-term electricity costs.
The economic benefits of the program extend far beyond the up to $5 billion in foreign direct investment (FDI), which will create thousands of jobs and hundreds of highly skilled positions during its operational life.
Acwa’s progress in the country so far demonstrates its deep appreciation for Türkiye’s engineering, construction and manufacturing capabilities.
Localization is a strategic priority and Acwa has already achieved 100% local employment in its Turkiye development.
Copyright 2026 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
