Riyadh – Mubasher: Acwa, which recently unveiled a new brand identity, has signed an Investment Agreement Key Terms (IA Key Terms) with the Ministry of Energy and Natural Resources of the Republic of Türkiye to develop 5 GW of five renewable energy projects.
The Saudi company will start with Phase 1 developments for 2 GW of solar capacity across two plants; Sivas and Taşeli, according to a press release.
Under the IA Key Terms, Acwa will develop, finance, construct, commission and operate both facilities.
Meanwhile, a separate Power Purchase Agreement Key Terms (PPA Key Terms) has been concluded with Elektrik Üretim Anonim Şirketi (EÜAŞ) for the sale of electrical energy generated from each plant.
The development of the program follows Acwa’s first investment in the country, the 927 MW Kırıkkale IPP project valued at $930 million and which offsets approximately 1.8 million tons of CO₂ annually.
The 5 GW renewable energy program will deliver fixed-price electricity, providing predictability for grid planning and industrial investment, with its economic benefits extending beyond the up to $5 billion in foreign direct investment (FDI), thousands of jobs will be created, and hundreds of high-skilled positions will follow during the operational period.
Displacing imported fossil fuels with domestically generated clean power will significantly reduce Türkiye’s exposure to volatile global energy markets, offering the country a direct pathway to enhanced energy independence and reduced long-term power costs.
Vice Chairman and Managing Director of Acwa, Raad Al Saady, said: “The signing of the IA and PPA Key Terms marks a pivotal moment in Acwa’s partnership with Türkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
Al Saady noted: “The 5 GW renewable energy program will support Türkiye’s climate ambitions by reducing emissions by 41% by 2030, achieving net zero by 2053, and scaling renewable capacity to 120 GW by 2035.”
Acwa official concluded: “Building on our long-standing presence, including the 927 MW Kırıkkale power plant commissioned in 2017, this step elevates our partnership to a new level.”
Earlier in February 2026, the Saudi giant Acwa entered into an agreement with the Gulf Investment Corporation (GIC) with a total investment of more than $4 billion to develop one of Kuwait’s largest integrated power and water plants.
