ACWA Power mulls $2 billion solar investment in Türkiye
ISTANBUL
Saudi Arabia-based company ACWA Power is preparing to invest a total of $2 billion to establish solar power plants in Türkiye.
ACWA Power plans to build two solar power plants, each with a capacity of 1 gigawatt, in the Sivas and Karaman regions, people familiar with the matter told CNBC-E.
An agreement on the planned investments to build 2 gigawatts of solar power plants could be signed soon, the sources said.
For this $2 billion investment, the intergovernmental agreement model (IGA) used in the Akkuyu Nuclear Power Plant and the Trans-Anatolian Natural Gas Pipeline (TANAP) Project will be applied, they said.
With the IGA having the status of law, ACWA Power’s investment plan should not face problems regarding zoning permits and other technical issues.
ACWA Power initially wanted to procure solar panels and equipment to be used in the solar plants from China. However, following the discussions, an agreement was reached on the localization requirement.
Meanwhile, people from the energy sector confirmed that ACWA Power has reached out to Turkish companies to request their proposals for equipment and component production.
The planned solar power plants won’t be ACWA’s first investment in Türkiye. The company has a 950-megawatt natural gas power plant investment in the province of Kırıkkale, some 50 kilometers east of Ankara.
