ACWA Power Secures Funding for 2 GW Turkish Solar Projects
ACWA Power secured international financing for 2 GW of solar projects in Türkiye while exploring green energy export corridors with Azerbaijan.
Saudi Arabian energy developer ACWA Power secured support from eight international lenders, including the Asian Development Bank and the International Finance Corporation, to finance two solar photovoltaic projects in Türkiye. The Sivas and Taşeli plants, each with a 1 GW capacity, are part of a broader 5 GW renewable energy program established under an intergovernmental agreement between Saudi Arabia and Türkiye. The projects are expected to begin supplying electricity to Turkish households in 2029.
During COP31 in Antalya, the company also held discussions with Azerbaijani Energy Minister Parviz Shahbazov to evaluate wind and solar projects designed to export electricity to Türkiye and European markets. This initiative supports Azerbaijan's target to produce 4.4 billion kWh from renewable sources by 2030. ACWA Power, which previously developed the Khizi-Absheron Wind Power Plant, is exploring further cooperation in green hydrogen and energy storage systems.
To facilitate the Turkish solar plants, ACWA Power signed investment terms with the Ministry of Energy and Natural Resources of Türkiye and power purchase agreements with the state-owned electricity producer Elektrik Üretim Anonim Şirketi.
