BAKU, Azerbaijan, Feb. 24. Saudi Arabia’s ACWA Power has signed Investment Agreement Key Terms with the Ministry of Energy and Natural Resources of Türkiye to develop up to 5 gigawatts (GW) of renewable energy capacity in Türkiye, the company said, Trend reports.
The program will begin with Phase 1 projects totaling 2 GW of solar capacity across two plants in Sivas and Taşeli.
Under the agreement, ACWA Power will develop, finance, construct, commission and operate both facilities. Separately, Power Purchase Agreement (PPA) Key Terms were concluded with Elektrik Üretim A.Ş. (EÜAŞ) for the sale of electricity generated from the plants.
The initiative builds on ACWA Power’s first investment in the country — the 927-MW Kırıkkale independent power plant project valued at $930 million — which the company said offsets about 1.8 million tons of CO₂ annually.
Raad Al Saady, Vice Chairman and Managing Director of ACWA Power, said the agreements mark a pivotal step in the company’s partnership with Türkiye and highlight the country’s potential as a clean energy and manufacturing hub.
He added that the 5-GW renewable program will support Türkiye’s climate targets, including cutting emissions by 41% by 2030, reaching net zero by 2053 and expanding renewable capacity to 120 GW by 2035.
The company said the program will deliver fixed-price electricity, improving predictability for grid planning and industrial investment. By replacing imported fossil fuels with domestic clean power, the projects are expected to reduce Türkiye’s exposure to global energy price volatility and strengthen energy security.
The initiative could bring up to $5 billion in foreign direct investment and create thousands of jobs, including hundreds of high-skilled operational roles, ACWA Power said.
ACWA Power added that localization remains a strategic priority and noted it has already achieved full local employment across its existing projects in Türkiye.