Saudi Arabia and Türkiye signed on Tuesday a Memorandum of Understanding on Cooperation in Electricity Projects. It was signed by Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and Turkish Minister of Energy and Natural Resources Alparslan Bayraktar on the sidelines of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31) in Antalya. Turkish President Recep Tayyip Erdogan oversaw the signing ceremony. The MoU builds on the Agreement between the Saudi and Turkish governments on Cooperation in the Field of Renewable Energy, signed on February 3 and that entered into force on October 21. The Agreement provides for the development of renewable energy projects with a total installed capacity of 5,000 MWe in two phases, to be implemented by ACWA Power, the investor company designated by the Kingdom of Saudi Arabia. The first phase envisages 2,000 MWe, while the second phase envisages an additional 3,000 MWe of renewable energy capacity. Progress has been achieved in the implementation of the first-phase projects, while efforts towards the realization of the second-phase projects have reached an advanced stage. The second phase envisages the development of wind power plants, supported by high-voltage direct current (HVDC) transmission infrastructure and battery energy storage systems. These investments are expected to contribute to strengthening Türkiye’s renewable energy capacity, enhancing grid infrastructure and flexibility, and further deepening the strategic energy and investment partnership between Riyadh and Ankara.
