Eight development and commercial lenders have signed a Letter of Support for the financing of Saudi-listed Acwa's 2 GW Sivas and Taşeli solar photovoltaic (PV) projects in Türkiye, in an announcement made at COP31 in Antalya. The signing marks an important step toward arranging the financing for both plants, according to the company.

Lenders Involved

The lenders involved are the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), DEG, Deutsche Investitions- und Entwicklungsgesellschaft, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Islamic Development Bank (IsDB), Société Générale, and Standard Chartered. By signing the letter, the eight institutions confirmed their support for the two projects.

First Phase of a 5 GW Bilateral Program

The Sivas and Taşeli projects form the first phase of the 5 GW renewable energy program agreed upon between Saudi Arabia and Türkiye under their Intergovernmental Agreement. Each of the two solar PV plants will have a capacity of 1,000 MW, and Acwa expects both to begin operation in 2029, representing a combined investment of approximately USD 1.77 billion.

Sivas and Taşeli are two separate solar PV independent power producer (IPP) projects, each wholly owned by Acwa. The Sivas plant is located in Sivas Province, around 500 kilometers east of Ankara, while the Taşeli plant is in Karaman Province, around 400 kilometers south of Ankara.

In February 2026, Acwa signed Investment Agreement Key Terms with the Ministry of Energy and Natural Resources of the Republic of Türkiye, under which it will develop, finance, construct, commission and operate both plants. The company also concluded the Power Purchase Agreement Key Terms with Elektrik Üretim Anonim Şirketi (EÜAŞ) for the sale of the electricity each plant will generate.

Expected Output and Climate Impact

Once operational, the two projects are expected to supply electricity to more than 1.3 million households and avoid around 1.65 million tons of CO₂ emissions a year. The company states that the projects will contribute to Türkiye's target of reaching net zero by 2053.

The 5 GW program follows Acwa's first investment in the country, the Kırıkkale IPP, which was commissioned in 2017. Once Sivas and Taşeli are in operation, Türkiye will be able to meet more of its electricity demand from large-scale domestic sources and rely less on imported fuels, as the country works toward greater energy independence.

Lender confidence and delivery commitments

Dr. Samir J 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."

Acwa describes itself as the world's largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale.

Powering Ahead: Tracking the Expanding Energy Landscape

What will it take to stay ahead in a country where power demand is climbing faster than almost anywhere else on Earth? The answer lies in knowing which projects are moving, which tenders are open, and which contracts have just changed hands, before your competitors do.

Turkey's power sector is undergoing a remarkable transformation, driven by ambitious renewable energy targets, grid modernization programs, and surging industrial electricity needs. From solar mega-parks in the Gulf to cross-border interconnection initiatives, new opportunities are emerging constantly, but they move quickly.

The Global Project Tracking (GPT) platform by Blackridge Research gives you a real-time window into the country's power project pipeline, helping you identify prospects early and act with confidence.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

Book a free demo today and discover how the Global Project Tracking (GPT) platform by Blackridge Research can sharpen your competitive edge in the Turkey power market.