Saudi-listed ACWA has secured support from eight international lenders for the financing of its 2 GW Sivas and Taşeli solar photovoltaic (PV) projects in Türkiye, marking progress in its renewable energy expansion under a Saudi-Turkish intergovernmental agreement.

The lenders signed a Letter of Support at COP31 in Antalya, confirming their backing for the two projects and taking a step towards arranging financing.

The financial institutions include the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), DEG, European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), Islamic Development Bank (IsDB), Société Générale and Standard Chartered.

Dr. Samir Serhan, Chief Executive Officer of Acwa, said: “Large-scale renewable energy projects can be built only when governments, offtakers, and lenders have agreed on how they will be financed and delivered. We are grateful to our eight lending partners for the confidence they have shown in Sivas and Taşeli, and to the Ministry of Energy and Natural Resources and EÜAŞ for their continued support. These are the first two plants that we will build under the Intergovernmental Agreement between Saudi Arabia and Türkiye, and we look forward to working with all of our partners to complete them safely and on schedule, so that they can begin supplying clean electricity to households across Türkiye from 2029.”

The two projects are wholly owned by Acwa and comprise separate independent power producer (IPP) developments. The Sivas plant is located in Sivas Province, approximately 500 kilometres east of Ankara, while Taşeli is in Karaman Province, around 400 kilometres south of the capital.

Together, the projects represent 2 GW of the 5 GW renewable energy capacity agreed by Saudi Arabia and Türkiye under their Intergovernmental Agreement.

In February 2026, Acwa signed Investment Agreement Key Terms with Türkiye's Ministry of Energy and Natural Resources, covering the development, financing, construction, commissioning and operation of both plants.

It also concluded Power Purchase Agreement Key Terms with state-owned electricity producer Elektrik Üretim Anonim Şirketi (EÜAŞ), which will purchase the electricity generated by the projects.

The 5GW programme builds on Acwa's existing presence in Türkiye, where its first investment, the Kırıkkale independent power project, was commissioned in 2017.

Once operational, Sivas and Taşeli are expected to contribute to Türkiye's domestic electricity supply, supporting efforts to reduce reliance on imported fuels and strengthen energy security.

The projects are scheduled to begin supplying electricity in 2029, adding to the country's renewable energy capacity as it pursues its energy transition objectives. -OGN/TradeArabia News Service