Acwa Power has announced that eight international lenders have agreed to a letter of support to finance its Sivas and Taşeli solar photovoltaic (PV) independent power producer (IPP) projects in Türkiye.
The agreement was formalised during COP31 in Antalya.
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With a proposed capacity of 1GW each, the two plants represent the initial 2GW phase of a broader 5GW renewable energy intergovernmental agreement between Saudi Arabia and Türkiye.
The Sivas site is located in Sivas Province, about 500km east of Ankara, and Taşeli is situated in Karaman Province, around 400km south of the capital.
Acwa estimates that the total investment for both sites will be approximately €1.6bn ($1.78bn) and aims to begin operations in 2029.
The eight lenders backing the Sivas and Taşeli projects include the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), DEG–Deutsche Investitions- und Entwicklungsgesellschaft (DEG), and the European Bank for Reconstruction and Development (EBRD).
The group also consists of the International Finance Corporation (IFC), Islamic Development Bank (IsDB), Société Générale, and Standard Chartered.
By signing the letter of support, these institutions have demonstrated their intention to support the financing arrangements for both facilities.
Once operational, the Sivas and Taşeli facilities are projected to supply electricity to more than 1.3 million households and cut CO₂ emissions by roughly 1.65mt annually.
Acwa CEO Samir Serhan 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.”
In February 2026, Acwa signed agreements with the Turkish Ministry of Energy and Natural Resources to develop, finance, build, commission and operate the two plants.
The company has also reached terms for the sale of generated power to Elektrik Üretim Anonim Şirketi (EÜAŞ).
The 5GW programme comes after Acwa Power’s initial involvement in Türkiye through the Kırıkkale IPP, commissioned in 2017.
According to Acwa, the new plants are intended to support Türkiye’s plans for increased energy independence by boosting domestically generated renewable electricity and decreasing reliance on imported energy sources.
Last month, EIG and Acwa agreed to establish Plenum Power, a new partnership with an initial equity commitment of approximately $4bn aimed at investment opportunities in the US power sector.
