Türkiye and Saudi Arabia have signed $2 billion renewable energy investment agreement in Riyadh. Saudi companies plan to develop up to 5 GW of solar and wind capacity in Türkiye. The first phase includes 2 GW of solar projects in Sivas and Karaman. The projects will be financed through external funding with support from international financial institutions. The solar plants are expected to supply electricity to about 2.1 million households. The projects support Türkiye’s 2035 target of 120 GW of solar and wind capacity. Power will be purchased for 25 years at EUR 1.995 (~ $2.35) per kilowatt-hour in Karaman and EUR 2.3415 per kilowatt-hour in Sivas. The construction is set to begin in 2027 and the first phase is expected by the end of 2027 with full completion in 2028 and 2029.