Türkiye and UAE Close to Finalizing $1B Solar Power Investment Deal

Türkiye and the United Arab Emirates (UAE) are nearing the completion of a $1 billion (TL 41.84 billion) investment for a major solar power plant, Energy and Natural Resources Minister Alparslan Bayraktar announced on Tuesday.

The investment involves a 1,100-megawatt solar power plant with storage to be established by the UAE-based energy company Masdar in the central province of Niğde, The Caspian Post reports citing Turkish media.

Bayraktar's statement came as he hosted Masdar CEO Mohamed Jameel Al Ramahi and his delegation in Ankara, where he said they discussed expanding joint investment opportunities in solar, onshore and offshore wind, pumped-storage hydropower and technology transfer.

"We have reached the final stage of the approximately $1 billion, 1,100-megawatt solar power plant with storage to be built in Niğde-Bor," Bayraktar said on social media platform X.

"Potential investments in offshore wind power plants, HVDC transmission lines and pumped-storage hydroelectric power plants were also discussed," he noted.

Bayraktar noted that Türkiye aims to deepen its strategic partnership with the UAE, particularly in renewable energy, through an intergovernmental memorandum of understanding.

"Through partnerships that will strengthen our energy vision and infrastructure, we aim to achieve our 2053 net-zero target and establish a model of transformation that sets an example for our region."