(Feb 4): Saudi Arabia will invest around US$2 billion (RM7.85 billion) to build solar power plants in Turkey in the first stage of a broader deal between the countries on renewable-energy production. Saudi companies will initially develop solar projects capable of generating 2,000MW in Turkey’s Sivas and Karaman provinces, followed by 3,000MW of additional wind and solar capacity to be finalised later, according to an intergovernmental agreement signed in Riyadh on Tuesday (Feb 3). The deal includes a 50% localisation rate, which “will make a significant contribution to the electrical equipment and service sectors” in Turkey, the country’s Energy Minister Alparslan Bayraktar wrote on X. Bayraktar added that the projects will use external financing, including from international institutions. Bloomberg reported in June that Saudi utility ACWA Power Co will build the solar plants. Turkey will buy the electricity for 25 years at 2.3415 euro cents per kilowatt-hour from the Sivas project and 1.995 euro cents/KWh from Karaman — a record-low price for renewable power in Turkey, Bayraktar said.

Source: The Edge Markets February 04, 2026 06:51 UTC