Saudi Arabia-based renewable energy developer Acwa has secured support from eight international development and commercial lenders for financing its 2 GW Sivas and Taşeli solar photovoltaic (PV) projects in Türkiye. The lenders signed a Letter of Support during the COP31 climate conference in Antalya, marking an important step towards arranging funding for the two large-scale solar developments.
The projects comprise two separate solar PV plants, each with an installed capacity of 1,000 MW. Together, they represent an estimated investment of approximately EUR 1.6 billion. Acwa expects both projects to begin commercial operations in 2029. Once operational, the plants are expected to generate enough electricity to meet the needs of more than 1.3 million households and avoid approximately 1.65 million tonnes of carbon dioxide emissions annually.
The eight lenders supporting the financing are the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), DEG – Deutsche Investitions- und Entwicklungsgesellschaft, European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), Islamic Development Bank (IsDB), Société Générale and Standard Chartered. Their participation indicates international financial support for the projects and provides an important foundation for the next stage of financing arrangements.
The Sivas and Taşeli developments form the first phase of a broader 5 GW renewable energy programme agreed between Saudi Arabia and Türkiye under an Intergovernmental Agreement. In February 2026, Acwa signed key investment agreement terms with Türkiye’s Ministry of Energy and Natural Resources, covering the development, financing, construction, commissioning and operation of both solar plants.
The company has also concluded key terms of Power Purchase Agreements (PPAs) with Elektrik Üretim Anonim Şirketi (EÜAŞ), the state-owned electricity generation company, for the sale of electricity produced by the two facilities.
The Sivas solar plant will be located in Sivas Province, approximately 500 kilometres east of Ankara, while the Taşeli project will be developed in Karaman Province, around 400 kilometres south of the Turkish capital. Both projects are wholly owned by Acwa and will operate as independent power producer (IPP) developments.
Acwa Chief Executive Officer Dr. Samir J Serhan said the support of the eight lending partners reflects confidence in the projects and acknowledged the continued cooperation of Türkiye’s Ministry of Energy and Natural Resources and EÜAŞ. He also highlighted the company’s commitment to completing construction safely and according to schedule, with the objective of supplying clean electricity from 2029.
The 5 GW renewable energy programme builds on Acwa’s earlier investment in Türkiye through the Kırıkkale independent power project, which was commissioned in 2017.
The new solar developments are expected to strengthen Türkiye’s domestic electricity generation capacity, reduce dependence on imported fuels and support its energy security objectives. They will also contribute to the country’s ambition of achieving net-zero emissions by 2053 while expanding its large-scale renewable energy infrastructure.
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