Eight international lenders sign Letter of Support for Acwa’s 2 GW Sivas and Taşeli solar PV projects in Türkiye

• Eight development and commercial lenders have signed a Letter of Support for financing the Sivas and Taşeli projects, which form the first phase of the 5 GW renewable energy program agreed between Saudi Arabia and Türkiye.
• Each of the two solar PV plants will have a capacity of 1,000 MW, and Acwa expects both plants, which represent a combined investment of approximately EUR 1.6 billion, to begin operation in 2029.
• Once operational, the projects are expected to supply electricity to more than 1.3 million households and avoid around 1.65 million tons of CO₂ emissions a year, so they will contribute to Türkiye’s target of reaching net zero by 2053.

Riyadh, Kingdom of Saudi Arabia and Antalya, Türkiye, 11 November 2026: Saudi-listed Acwa, the world’s largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale, today announces that eight international lenders signed a Letter of Support for the financing of its 2 GW Sivas and Taşeli solar photovoltaic (PV) projects in Türkiye at COP31 in Antalya.

The lenders are the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), DEG– Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Islamic Development Bank (IsDB), Société Générale and Standard Chartered. By signing the letter, the eight lenders have confirmed their support for the two projects and taken an important step toward arranging the financing for both plants.

Dr. Samir J Serhan, Chief Executive Officer of Acwa, said: “Large-scale renewable energy projects can be built only when governments, offtakers, and lenders have agreed on how they will be financed and delivered. We are grateful to our eight lending partners for the confidence they have shown in Sivas and Taşeli, and to the Ministry of Energy and Natural Resources and EÜAŞ for their continued support. These are the first two plants that we will build under the Intergovernmental Agreement between Saudi Arabia and Türkiye, and we look forward to working with all of our partners to complete them safely and on schedule, so that they can begin supplying clean electricity to households across Türkiye from 2029.”

Sivas and Taşeli are two separate solar PV independent power producer (IPP) projects, each of which is wholly owned by Acwa. The Sivas plant is located in Sivas Province, around 500 kilometers east of Ankara, and the Taşeli plant is in Karaman Province, around 400 kilometers south of Ankara.

The two projects account for 2 GW of the 5 GW of renewable capacity that Saudi Arabia and Türkiye agreed under their Intergovernmental Agreement. In February 2026, Acwa signed Investment

Agreement Key Terms with the Ministry of Energy and Natural Resources of the Republic of Türkiye, under which it will develop, finance, construct, commission and operate both plants. Acwa also concluded Power Purchase Agreement Key Terms with Elektrik Üretim Anonim Şirketi (EÜAŞ) for the sale of the electricity that each plant will generate.

The 5 GW program follows Acwa’s first investment in the country, the Kırıkkale IPP, which was commissioned in 2017. Once Sivas and Taşeli are in operation, Türkiye will be able to meet even more of its electricity demand from large-scale domestic sources and rely less on imported fuels, as the country works toward greater energy independence.