At COP31 in Antalya, solar energy in Türkiye received a concrete boost: eight international lenders signed a letter of support to finance two Acwa photovoltaic plants totaling 2 GW. The announcement was made on November 11, 2026, in the presence of the energy ministers of Saudi Arabia and Türkiye, Abdulaziz bin Salman and Alparslan Bayraktar.
In addition, the document brings together multilateral banks, development institutions and commercial lenders. The signatories are the Asian Development Bank, the Asian Infrastructure Investment Bank, DEG, the European Bank for Reconstruction and Development, the International Finance Corporation, the Islamic Development Bank, Société Générale and Standard Chartered. With their signatures they confirm support for both initiatives and open the structuring of the financing package.
For its part, Acwa estimates the two plants will cost about €1.6 billion combined. The letter is not yet a financial close, but it sets the path toward the loans that will drive solar energy in Türkiye and serves as a reference for the financial management of renewable infrastructure.
On another front, Sivas and Taşeli are two independent solar energy projects in Türkiye, wholly owned by Acwa and with 1 GW each. The Sivas plant will be built about 500 kilometers east of Ankara. The Taşeli plant will sit in Karaman, about 400 kilometers south of the capital.
As for the contractual framework, the investment agreement signed in February 2026 with the Ministry of Energy and Natural Resources tasks Acwa with the development, financing, construction, commissioning and operation of both plants. Likewise, the company closed key terms of a power purchase agreement with Elektrik Üretim Anonim Şirketi (EÜAŞ) to sell the electricity each facility generates.
According to Minister Bayraktar, the tariff agreed for Sivas is 1.995 euro cents per kilowatt hour (€19.95 per megawatt hour), the lowest contracted in the country so far. In Taşeli the price is 2.3415 euro cents. With those values, solar energy in Türkiye sets a new price benchmark in long-term contracts.
For its part, Acwa CEO Samir J. Serhan thanked the eight financial partners. He noted that Sivas and Taşeli are the first two plants under the intergovernmental agreement and that the company expects to deliver clean electricity to Turkish homes from 2029.
Meanwhile, Türkiye ended 2025 with 25.1 GW of solar capacity and 14.8 GW of wind within a total capacity of 122.5 GW. With the two new plants, national photovoltaic capacity would grow by about 8% on that base.
Likewise, large-scale domestic generation would reduce the need for imported fuels, in line with the goal of greater energy independence. For the country, solar energy in Türkiye is becoming a piece of its supply security.
In turn, Sivas and Taşeli provide 2 GW of the 5 GW of solar and renewable capacity agreed between Saudi Arabia and Türkiye, with total investment estimated at USD 5 billion. The program continues Acwa’s first investment in Türkiye: the Kırıkkale independent power plant (IPP), of 927 MW, operating since 2017.
In parallel, the company had floated a second phase of 3 GW with solar, wind and storage, a field where energy innovation will define competitiveness.
As a next step, each institution must turn its letter into a credit agreement, a condition for starting construction and meeting the 2029 target. If the schedule holds, solar energy in Türkiye will add 2 GW at a fixed price and gain a replicable model for the next phase of the program with Saudi Arabia.
Source and photo: Acwa
I am a civil engineer and I work in the writing area. I have a deep passion for civil works. I constantly seek to update myself on new engineering technologies to integrate them into my work, since my main interest is exploring how innovations in the industrial sector can improve and transform the world.
The biodiesel plant in Ralston, Iowa, returns to operation with Chevron, a feedstock agreement with Landus and capacity for 42 million gallons a year.
The company approved the development of Longtail in the Stabroek block, with an FPSO to process gas and produce condensates from 2030.
AWS in Chile activated its first cloud region for select customers and plans an investment of more than $4 billion and 4,100 jobs per year.
Sustainable aviation fuel faces structural profitability and feedstock barriers that limit its industrial-scale output.
OCIMF guidelines ensure safety and efficiency in managing friction chains for SPM systems.
The Krautkrämer PAXYS scanner facilitates corrosion mapping using PAUT and encoded scanning for industrial inspections.
Both companies will evaluate enhanced geothermal systems to expand continuous electricity generation in Turkey.
Brent and WTI crude fall as increased oil supply and risks in Hormuz weigh on the oil market.
Coteso Group combines engineering, equipment supply and project management for storage tanks and industrial terminals.
INSPENET LLC
Houston, TX 77018
hola@inspenet.com

source