Acwa is banking big on the Anatolian sun after signing key terms for Turkey’s 5 GWrenewable energy investment agreement with the country’s Energy Ministry, according to a press release. The agreement kicks off with a 2 GW solar phase across two plants in Sivas and Taşeli.

The structure is a two-pronged commitment: The investment agreement key terms will see Acwa develop, finance, construct, commission, and operate the facilities, while a separate power purchase agreement with state utility EÜAŞ secures the offtake.

Who’s paying? The projects will be funded using external sources, with loans provided by international financial institutions, Turkey’s Energy Minister Alparslan Bayraktar said earlier this month.

Acwa wants to lock in phase two at Cop31, Chairman Mohammad Abunayyan said earlierthis week, covering 3 GW of solar, wind, and storage. Total investment across the full 5 GW is expected to reach USD 5 bn.

The project timeline: Financial close is set for 2027, with electricity expected to hit the grid by early 2028. While the first phase is solar-heavy, the upcoming 3 GW phase will include a mix of solar, wind, and storage.

The new pipeline builds on its earlier Turkish investment — the 927 MW Kırıkkale IPP commissioned in 2017, a USD 930 mn asset that cuts roughly 1.8 mn tons of CO2 emissions annually.

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