The Kingdom of Saudi Arabia and Turkey signed a recent agreement aimed at supporting their cooperation in the field of renewable energy, coinciding with the visit of Turkish President Recep Tayyip Erdogan to Riyadh.
This agreement includes the establishment of solar energy production plants in Turkish territory, with a total production capacity of up to “5 thousand megawatts,” provided that this is done in two stages. The first phase includes two projects in the Sivas and Kerman regions with a capacity of 2,000 MW, while the second phase adds an additional capacity of 3,000 MW. The value of the investments is estimated at approximately “two billion dollars,” and aims to provide electricity to more than two million Turkish homes at attractive prices, with a Turkish company affiliated with the government pledging to purchase production for a period of “30 years.”
The two parties explained that this agreement represents a strategic move towards strengthening the investment partnership between the two countries, and embodies mutual trust and joint work in sustainable energy projects, which contributes to exchanging experiences, developing skills, and achieving common interests.
