Today, the Kingdom of Saudi Arabia and the Republic of Turkey signed an agreement on renewable energy power plant projects within the framework of strengthening bilateral relations between the two countries and strengthening strategic cooperation in the energy sector, during the official visit of Recep Tayyip Erdoğan, President of the Republic of Turkey, to Saudi Arabia.
The agreement was signed on the Saudi side by Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, and on the Turkish side by Alp Arslan Bayraktar, Minister of Energy and Natural Resources.
The agreement aims to strengthen cooperation between the two countries in the field of renewable energy and green technology and support the development and implementation of high-quality projects that contribute to diversifying the energy mix, strengthening security and promoting the transition to a low-carbon economy, in line with both countries’ priorities and strategies.
The agreement includes the development and implementation of a solar power plant project in the Republic of Turkiye, with a total installed capacity of up to 5,000 MW in two stages. The first phase includes two solar energy projects, Sivas and Kerman, with a total capacity of 2,000 MW. The second phase will include other projects to be implemented according to the framework agreed between the parties, resulting in an additional capacity of 3,000 MW.
The first phase project will offer a very competitive electricity sale price compared to other renewable energy power plants in Turkiye. Furthermore, with an investment worth approximately US$2 billion, these power plants will provide electricity to more than 2 million households in Turkey. The electricity generated by these plants will be purchased by Turkish state-owned companies for a period of 30 years, ensuring maximum benefit from local equipment and services during the project’s implementation.
Both sides emphasized that this agreement is 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 expand cooperation on strategic projects impacting sustainable economics and development, in accordance with international best practices, and to contribute to knowledge transfer, capacity building and the achievement of mutual benefits for both brotherly countries.
The Kingdom of Saudi Arabia and the Republic of Turkey today signed an agreement on power generation projects from renewable energy sources, as part of efforts to strengthen bilateral relations between the two countries and strengthen strategic cooperation in the energy sector, during the official visit of Recep Tayyip Erdoğan, President of the Republic of Turkey, to Saudi Arabia.
The agreement was signed on the Saudi side by Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, and on the Turkish side by Alparslan Bayraktar, Minister of Energy and Natural Resources.
The agreement aims to strengthen cooperation between the two countries in the field of renewable energy and green technology and support the development and implementation of high-quality projects that contribute to diversifying the energy mix, strengthening security and accelerating the transition to a low-carbon economy, in line with both countries’ priorities and strategies.
The agreement includes the development and implementation of solar power projects in the Republic of Turkey, with a total installed capacity of up to 5000 MW, divided into two phases. The first phase will include two solar power projects in Sivas and Kerman with a combined capacity of 2,000 MW, and the second phase will include additional projects to be implemented according to a mutually agreed framework, with an additional capacity of 3,000 MW.
The first phase project will offer highly competitive electricity sales prices compared to other renewable energy power plants in Turkey. In addition, these power plants will have an investment of approximately USD 2 billion and will provide electricity to more than 2 million households in Turkey. The electricity generated by these power plants will be purchased by the Turkish state-owned company for 30 years and will make full use of local equipment and services during the project implementation.
Both sides confirmed that this agreement is an important step towards strengthening the investment partnership between the Kingdom of Saudi Arabia and the Republic of Turkey, reflecting the mutual trust between the two countries and their common commitment to expand cooperation in strategic projects impacting sustainable economy and development, in accordance with international best practices, and contributing to knowledge transfer, capacity building, and the achievement of mutual benefits for the two brotherly countries.
