Saudi companies plan to develop up to 5 GW of solar and wind capacity in Türkiye with a $2 billion investment agreement. The first phase includes 2 GW of solar projects in Sivas and Karaman.
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Deal Analysis
Saudi companies, through The Partnerships Initiatives (PI) program, plan to develop up to 5 GW of solar and wind capacity in Türkiye, representing a $2 billion investment. The initial phase focuses on 2 GW of solar projects located in Sivas and Karaman. This development agreement signifies a substantial commitment to renewable energy infrastructure in Türkiye and highlights the growing collaboration between Saudi Arabia and Türkiye in the energy sector.
The deal is notable for its scale, with 5 GW of planned capacity representing a significant addition to Türkiye's renewable energy portfolio. The involvement of Saudi companies through the PI program, which focuses on public-private partnerships, suggests a strategic approach to infrastructure development. The investment will likely have positive implications for Türkiye's energy security and its efforts to reduce carbon emissions.
- Up to 5 GW of solar and wind capacity development
- $2 billion investment from Saudi companies
- Initial phase focuses on 2 GW of solar projects in Sivas and Karaman
- Involvement of Saudi Arabia's The Partnerships Initiatives (PI) program
Source Intelligence
KEY DETAILS
The 2 GW Sivas and Karaman phase has targeted power for 2.1 million households. The projects will be financed through external funding with support from international financial institutions. The projects support Türkiye’s 2035 target of 120 GW of solar and wind capacity. Construction is set to begin in 2027 and the first phase is expected by the end of 2027 with full completion in 2028 and 2029.
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Deal Size
Türkiye, Saudi Arabia sign $2 billion solar pact
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Capacity
Saudi companies plan to develop up to 5 GW of solar and wind capacity in Türkiye.
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Location
The first phase includes 2 GW of solar projects in Sivas and Karaman.
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PPA Details
Power will be purchased for 25 years at EUR 1.995 (~ $2.35) per kilowatt-hour in Karaman and EUR 2.3415 per kilowatt-hour in Sivas.
PARTIES MENTIONED IN SOURCE
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Saudi companies
developer
"Saudi companies plan to develop up to 5 GW of solar and wind capacity in Türkiye."
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Enriched Feb 21, 2026
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