Politics
Saudi Arabia's ACWA Power, Turkey discuss energy investments BNN Bloomberg
(Bloomberg) — Saudi Arabia's ACWA Power Co. is in talks with Turkey to invest in the country's green energy industry, according to Turkish officials familiar with the negotiations.
Turkish Vice President Cevdet Yilmaz told a local news channel over the weekend that a Saudi company had expressed interest in a $5 billion investment in energy and other sectors. The talks are between ACWA Power and the Department of Energy and Natural Resources, the officials said, asking not to be identified because the matter is private. It is unclear exactly where these talks stand.
We are in discussions with Turkish counterparties as part of our business development in the region, but we cannot say more at this stage, a company spokesperson said in a statement. The Turkish presidency and the ministry declined to comment.
If an investment materializes, it would strengthen economic ties between Turkey and Saudi Arabia. The two countries announced plans to further cooperate in renewable energy, construction, defense and tourism following Turkish President Recep Tayyip Erdogan's visit to Jeddah last year.
ACWA Power, 44% owned by the Saudi Arabian Public Investment Fund, is at the heart of the kingdom's ambitions to become a solar energy heavyweight. Ankara is seeking to attract more foreign investment in its energy infrastructure, particularly in renewable projects, while seeking to reduce its dependence on imported fossil fuels.
The Saudi company announced its first project in Turkey about a decade ago, a 950-megawatt combined-cycle natural gas power plant in the central Anatolian town of Kirikkale.
–With the help of Fahad Abuljadayel.
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