Türkiye has unveiled several investment agreements and financing commitments on the sidelines of the COP31 summit, which is being hosted in the country.
First, the Ministry of Energy has announced a preliminary agreement with China, under which the latter is expected to invest approximately USD15bn in power projects in Türkiye. “Through this agreement, which envisages approximately USD15bn in investment in our country, we aim to develop 7,000 MW of solar and wind power capacity, new energy storage systems, and establish 4,000 MW of electricity transmission infrastructure”, stated the energy ministry.
Separately, the Ministry of Energy announced that international financial institutions had signed a letter of support for ACWA’s Sivas and Taşeli solar projects in Türkiye, which have a combined capacity of 2 GW. This agreement falls under the first phase of a 5 GW renewable energy package previously agreed upon by Türkiye and Saudi Arabia.
- In February 2026, Türkiye signed an intergovernmental agreement with Saudi Arabia to develop the two solar plants in central and southern Türkiye, each with a capacity of 1 GW. A further 3 GW of renewable energy capacity is expected to be developed subsequently in partnership with Saudi Arabia’s ACWA as part of the agreement (KEI, 25/02/2026). ACWA plans to bring both facilities into operation by 2029.
Türkiye has also set ambitious renewable energy targets, including a goal of reaching 175 GW of installed wind and solar capacity by 2040. “To achieve this, we need to bring nearly 9,000 MW of new capacity online each year,” he said. The country is also targeting net-zero emissions by 2053.
Several international organisations have also announced financial commitments to support Türkiye’s energy transition:
- The European Bank for Reconstruction and Development (EBRD) has announced plans to invest USD6bn in Türkiye’s Renewable Energy Acceleration and Clean Transition Platform (REACT) over the next five years (EBRD press release, 11/11/2026).
- Meanwhile, the Asian Infrastructure Investment Bank (AIIB) has agreed to provide USD1.6bn in financing to Türkiye to support a series of policy reforms designed to attract the investment required to achieve its climate objectives (AIIB press release, 12/11/2026)
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