Saudi Arabia and Türkiye have announced plans to cooperate on renewable energy, which both countries aim to develop in bulk. Saudi Arabia has already invested heavily in Türkiye’s solar power sector and aims to deepen its energy partnership with Türkiye.
Türkiye and Saudi Arabia have signed an agreement to add an additional 3 GW of renewable energy capacity in Türkiye, bringing the country’s total planned capacity to 5 GW.
Alparsian Bayraktar, Türkiye’s Natural Resources Minister, said that Türkiye has “quadrupled its installed electricity capacity, from 32 GW to 126 GW, having commissioned around 95 GW over the last 24 years. Türkiye now has Europe’s third-largest installed electricity capacity and consumption, after France and Germany.”
In February, Saudi Arabia announced plans to invest $2 billion in the construction of two solar farms in Türkiye, with a total capacity of 2 GW. The terms of the deal are for Saudi companies to build a solar power plant in the eastern province of Sivas and one in the central province of Karaman. Bayraktar said: “We view these investments as one of the most important examples of direct foreign investment in our energy sector, and they will be financed entirely through external financing. Credit will also be provided by international financial institutions.”