By: AGBI

Turkey has begun discussions with Saudi Arabia’s Acwa Power on projects that would yield 5 gigawatts of solar power generation, energy minister Alparslan Bayraktar said.

An agreement for the 2,000-megawatt first phase will be completed in the first quarter of 2026, Reuters reported, citing a ministry statement quoting the minister.

A 1,000 MW project is planned in Sivas and another 1,000 MW in Taseli, Bayraktar said.

Bloomberg reported in July that Acwa Power, which is 44 percent owned by Saudi Arabia’s Public Investment Fund, was close to striking a deal to develop two large-scale solar plants in Turkey.

Last year Turkish vice president Cevdet Yilmaz estimated Acwa Power’s investments to be worth up to $5 billion.

Ankara received concessional financing totalling $748 million from the World Bank in August to modernise and expand its power transmission infrastructure with large-scale solar and wind projects.

According to Bayraktar, Russia has provided $9 billion in new funding for the Akkuyu nuclear power station. Ankara expects the plant to be operational in 2026.

The 4,800MW Akkuyu plant will cost $20 billion, with plans to build at least three nuclear power stations generating 15 GW.

Turkey intends to add 7.2 GW of nuclear capacity by 2035, with a longer-term goal of 20GW by 2050, including small modular reactors.

Shares in Acwa Power closed at SAR182 on the Saudi Exchange on Sunday, down 52 percent year-to-date.