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Tuesday, 1 August 2023

Saudi Arabia may invest in up to 5 GW worth of renewables projects in Turkey

Is Saudi Arabia eyeing renewables projects in Turkey? Turkey’s Energy and Natural Resources Minister Alparslan Bayraktar says Saudi Arabia is looking to establish renewable energy projects in Turkey that would yield between 4-5 GW, Turkish newspaper Daily Sabah reports. Bayraktar did not provide details on the projects in terms of the type of renewable energies to be employed or how much capital either country would contribute to the projects.

Turkey is expanding ties regionally: Last week, the UAE’s President Mohammed bin Zayed Al Nahyan and Turkish counterpart Recep Tayyip Erdogan inked an agreement that will see both countries pour in “large scale investments” across the renewable energy, green hydrogen, hydroelectric power production sectors, as well as finance transmission projects and battery storage facilities. Both countries also want to expand cooperation on nuclear energy production and emerging technologies including carbon capture, storage, and utilization.

Turkey has big renewables targets: Turkey revealed a new national energy plan in January, increasing the quota of renewable energy generation in its energy mix by 7% by 2035 to 23.7% — up from 16.7% in 2020. The country aims to generate an ambitious 190 GW of clean power by 2035 to help realize its net zero commitment and is eyeing a green hydrogen electrolyzer generational capacity totaling 2 GW in 2030, increasing to 5 GW in 2035.

IN OTHER KSA NEWS- Saudi Arabia and Brazil are partnering on desalination + water treatment: Saudi Arabia’s Investment Minister Khalid Abdulaziz Al-Falih and Brazil’s Vice President and Development, Industry, Trade, and Services Minister Geraldo Alckmin signed 25 MoUs during the Brazilian-Saudi Investment Forum this week to boost bilateral cooperation across the desalination, water treatment, and agriculture sectors, Asharq Al Awsat reports.

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