Eight international lenders have signed a letter of support for financing Acwa’s 2 GW Sivas and Taşeli solar PV projects in Türkiye. The letter was signed at COP31 in Antalya and moves both plants closer to financial close. Acwa expects them to start supplying power from 2029.
The lenders are:
A letter of support is not a loan agreement. It confirms the lenders’ backing for the projects and their intention to work toward arranging the debt. The financing amount has not been disclosed.
Sivas and Taşeli are two separate solar PV independent power projects (IPPs), each wholly owned by Acwa. In February 2026, Acwa signed investment agreement key terms with Türkiye’s Ministry of Energy and Natural Resources. Under those terms, Acwa will develop, finance, build, commission and operate both plants. It also agreed power purchase agreement (PPA) key terms with the state generator EÜAŞ, which will buy the electricity from each plant.
When the agreements were signed in February, Turkish officials put the combined investment at about $2 billion. They reported tariffs of 2.35 euro cents per kWh for Sivas and 1.99 euro cents for Taşeli.
Dr. Samir J Serhan, CEO 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. 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.”
The two plants make up the first 2 GW of the 5 GW programme agreed between Saudi Arabia and Türkiye. The intergovernmental agreement was signed on 3 February 2026 and took effect on 21 October. Earlier this week at COP31, the two governments signed an electricity MoU. They said the 3 GW second phase will focus on wind power, supported by high-voltage direct current (HVDC) transmission and battery storage.
Acwa first invested in Türkiye with the Kırıkkale IPP, which was commissioned in 2017. In its Q3 2026 results, Acwa booked a SAR 113 million deferred tax charge after Türkiye introduced a new 12.5% corporate tax rate.
Several of the eight lenders have funded Acwa projects before:
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