Acwa, the world’s largest private water desalination company and a leading player in the energy transition and green hydrogen sectors, has signed an Investment Agreement Key Terms (IA Key Terms) with the Ministry of Energy and Natural Resources of the Republic of Türkiye to develop 5 gigawatts of renewable energy projects. The program will begin with Phase 1, which involves the development of 2 gigawatts of solar capacity across two plants located in Sivas and Taşeli.
Under the IA Key Terms, Acwa will be responsible for the development, financing, construction, commissioning, and operation of both facilities. A separate Power Purchase Agreement Key Terms (PPA Key Terms) has been concluded with Elektrik Üretim Anonim Şirketi (EÜAŞ) for the sale of the electricity generated by each plant. This program builds on Acwa’s first investment in Türkiye—the 927 MW Kırıkkale Independent Power Project, valued at USD 930 million—which offsets approximately 1.8 million tons of CO₂ emissions annually.
Raad Al Saady, Vice Chairman and Managing Director of Acwa, highlighted the significance of this agreement, stating that the signing of the IA and PPA Key Terms represents a pivotal moment in Acwa’s partnership with Türkiye. He emphasized the country’s strong potential as a clean energy leader and manufacturing hub.
According to Al Saady, the 5 GW renewable energy program will help Türkiye meet its climate goals, including a 41 percent reduction in emissions by 2030, achieving net-zero emissions by 2053, and expanding renewable energy capacity to 120 GW by 2035. He also noted that this new program builds on Acwa’s long-standing presence in Türkiye, including the successful commissioning of the Kırıkkale power plant in 2017, elevating the company’s partnership with the country to a new level.
The 5 GW program is expected to deliver multiple benefits. By providing fixed-price electricity, it will offer predictability for grid planning and support industrial investments. Replacing imported fossil fuels with domestically generated renewable power will reduce Türkiye’s exposure to global energy market volatility, contributing to energy independence and lower long-term power costs. In addition to attracting up to USD 5 billion in foreign direct investment, the program is expected to create thousands of jobs, including hundreds of high-skilled positions during the operational phase.
Acwa has also emphasized the importance of localization and partnership in Türkiye. The company has consistently leveraged local engineering, construction, and manufacturing capabilities, making local employment a strategic priority. To date, Acwa has achieved 100 percent local employment at its projects in Türkiye, reflecting its commitment to supporting domestic workforce development and maximizing the socio-economic benefits of its investments.
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