Home / Business and Economy / Saudi Arabia Powers Turkey With $2 Billion Solar Investment
Saudi Arabia Powers Turkey With $2 Billion Solar Investment
4 Feb
Summary
- Saudi Arabia commits $2 billion to construct two solar farms in Turkey.
- The solar farms will have a total capacity of 2,000 MW in the first phase.
- These investments will be financed entirely through external financing.
Saudi Arabia has committed to a substantial $2 billion investment in Turkey's energy sector, focusing on the development of two large-scale solar farms. This initiative was formalized through an agreement signed by the energy ministers of both nations during Turkish President Tayyip Erdogan's visit to Riyadh.
The initial phase of this project involves constructing solar power plants in the Sivas and Karaman provinces. These facilities will collectively possess a capacity of 2,000 MW. Saudi companies are expected to expand their renewable energy constructions to a total of 5,000 MW in solar and wind power capacity.
This direct foreign investment is notable as it will be entirely funded through external sources, including financing from international financial institutions. The completed solar power plants are anticipated to supply electricity to approximately 2.1 million households across Turkey.
