Saudi Arabia and Türkiye sign MoU on 5,000 megawatt power projects
The projects will be carried out in two phases through ACWA Power, a Saudi-designated investor, with the first phase covering 2,000 megawatts.
Saudi Arabia and Türkiye signed a memorandum of understanding on electricity projects in Antalya on Tuesday, Qatar's state news agency QNA reported.
The pact builds on an existing renewable energy agreement between the two countries and targets projects with a combined capacity of 5,000 megawatts.
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and Turkish Energy and Natural Resources Minister Alparslan Bayraktar signed the document in the presence of Turkish President Recep Tayyip Erdogan.
The signing took place on the sidelines of the 31st UN Climate Change Conference, COP31, in Antalya, QNA reported.
The underlying agreement was signed on Feb. 3 and took effect on Oct. 21, and it will be carried out in two phases through ACWA Power, the investor designated by Saudi Arabia.
The first phase covers 2,000 megawatts and the second phase covers 3,000 megawatts.
Projects in the first phase have made progress, while preparations for the second phase have reached an advanced stage.
The second phase includes wind power plants, high-voltage direct current transmission infrastructure and battery energy storage systems.
The investments are expected to raise Türkiye's renewable energy capacity, make its electricity grid more resilient and widen energy and investment cooperation between the two countries, QNA reported.
ACWA Power is a Saudi company that develops power and water projects, including renewable energy plants, across several countries.
Türkiye is hosting COP31 this year, and energy policy is among the central issues on the UN climate summit's agenda.
