Eight international lenders have signed letters of support for Acwa’s 2 GW solar portfolio in Türkiye
The projects comprise the Sivas and Taşeli solar PV developments with 1 GW capacity each
Acwa says this marks progress towards securing financing for these assets
Saudi Arabia-based Acwa says it has secured support from eight international lenders for its planned 2 GW solar PV portfolio in Türkiye, bringing the projects a step closer to financing.
The letters of support cover the company's proposed 1 GW Sivas and 1 GW Taşeli solar projects. Both these assets represent a combined investment of €1.6 billion, according to the company.
The lenders include the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), DEG, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Islamic Development Bank (IsDB), Société Générale, and Standard Chartered.
This means that the lenders' backing is an important step towards securing the funding needed to develop the two projects, ACWA Power said.
Both projects are expected to become operational in 2029. The Sivas plant will be located in Sivas Province, while the Taşeli project is planned for Karaman Province.
Once online, the two facilities are expected to generate enough electricity to supply more than 1.3 million households.
The company will develop, finance, construct, and operate both plants. It has also agreed on key terms for power purchase agreements with state-owned electricity producer Elektrik Üretim Anonim Şirketi (EÜAŞ).
The projects are part of the first phase of a broader 5 GW renewable energy program agreed between Saudi Arabia and Türkiye. ACWA Power signed key investment terms with Türkiye's Ministry of Energy and Natural Resources in February 2026 (see Türkiye’s Solar Capacity Exceeds 25 GW; Reaches 20.9% Of Power Mix).
Back in 2025, Acwa raised €10 billion to fund its renewable energy projects globally (see ACWA Power Signs $10 Billion Global Financing Agreements For RE).