A total of eight international financial institutions have signed letters of support for the financing of two solar power plants in Türkiye with a total planned capacity of 2 GW.

The two solar plants, to be located in the Sivas, central Türkiye, and Taşeli, southern Türkiye, will each have a capacity of 1 GW.

They will be undertaken by Riyadh-headquartered developer Acwa Power. They form part of an agreement signed by Türkiye and Saudi Arabia in February that stipulated Saudi Arabian companies would develop 5 GW of solar and wind projects in Türkiye.

Acwa Power is aiming for both power plants, representing a total investment of approximately €1.6 billion ($1.77 billion), to be operational by 2029. They are expected to provide electricity to a combined 1.3 million households.

The financial agreements were signed by the Asian Development Bank, Asian Infrastructure Investment Bank, Deutsche Investitions-und Entwicklungsgesellschaft, European Bank for Reconstruction and Development, International Finance Corporation, Islamic Development Bank, Société Générale and Standard Chartered.

The agreements were entered into on the sidelines of COP31, which is ongoing until November 20.

Speaking about the remaining 3 GW in the 5 GW deal with Saudi Arabia, Türkiye’s Energy and Natural Resources Minister Alparslan Bayraktar said the remaining capacity could be wind or solar projects.

“We also aim to include storage in this,” Bayraktar added. “For example, when you add the high-voltage power lines that will carry electricity from Karaman to Istanbul or to the west, this means a package worth 5-6 billion dollars.”

Türkiye kicked off COP31 by unveiling its new national energy policy, including a target of installing 175 GW of solar and wind by 2040. The aim builds on its goal of reaching 120 GW of combined solar and wind capacity by 2035.

The country’s cumulative solar capacity stood at around 26.9 GW by the end of the first half of 2026, after adding 2.1 GW across the first six months of the year and 4.7 GW across 2025.

Türkiye’s most recent renewable energy tender concluded recently, awarding 785 MW of solar capacity across 11 projects.