Eight international lenders have signed a support letter for two planned solar plants in Türkiye, an early financing step for projects Acwa says would reduce reliance on imported fuels.
Acwa plans a 1,000-megawatt plant in Sivas and another of the same capacity in Taşeli. The company said the letter records the lenders' backing as it works to arrange project financing. Together, the sites would add 2 gigawatts of solar capacity.
Acwa estimates the projects will require about €1.6 billion combined and is targeting operations in 2029. Once running, the plants are expected to provide electricity to more than 1.3 million households and avoid about 1.65 million tons of carbon dioxide emissions each year, the company said.
The two plants form the first phase of a 5-gigawatt renewable energy program agreed by Türkiye and Saudi Arabia, Acwa said. The company says the projects would help Türkiye use less imported fuel and strengthen its energy independence. Acwa also cited its Kırıkkale project, commissioned in 2017, as its first investment in Türkiye.
The projects fit into a wider expansion plan. Türkiye's National Energy Plan 2040 sets a target of 175 gigawatts of combined wind and solar capacity. Energy and Natural Resources Minister Alparslan Bayraktar separately estimated that about $300 billion would be needed for the country's energy transition, Anadolu Agency reported. EconoTimes has covered Türkiye's estimated transition investment need.
At COP31, Ahmet Burak Daglioglu, head of Türkiye's Investment and Finance Office, said his office wants to attract capital from more regions and expand climate-friendly projects, Anadolu Agency reported. Acwa's operating target for the Sivas and Taşeli plants is 2029.
