Minister of Energy and Natural Resources Alparslan Bayraktar stated after signing an energy agreement with Saudi Arabia, "The first phase of the 2,000 megawatt project means an investment of approximately 2 billion dollars, and we will purchase electricity at the lowest price we have ever seen in Turkey." President Recep Tayyip Erdoğan has begun his official visit to Saudi Arabia and Egypt, which will last two days.

Minister of Energy and Natural Resources Alparslan Bayraktar was also part of the delegation accompanying President Erdoğan.

Today, President Erdoğan visited Riyadh, the capital of Saudi Arabia, where he was officially welcomed by Saudi Crown Prince Mohammed Bin Salman.

After the bilateral meeting between President Erdoğan and Crown Prince Mohammed Bin Salman, a meeting between delegations, including Minister Bayraktar, was held.

Following the discussions, Minister Bayraktar and Saudi Arabia's Minister of Energy Abdulaziz bin Salman Al-Saud signed the 'Intergovernmental Agreement on Renewable Energy Plant Projects between the Government of the Republic of Turkey and the Government of the Kingdom of Saudi Arabia' at the Saudi Ministry of Energy.

After the signing ceremony, Minister Bayraktar explained the details of the agreement.

He reminded that Turkey aims to reach a total installed capacity of 120,000 megawatts in solar and wind energy by 2035, stating that they need to add 8-9 thousand megawatts of new capacity to the system each year to reach this power.

Bayraktar pointed out that the YEKA tenders, investments in self-consumption plants, and energy storage projects are ongoing in this context, adding, "In addition to these, a new method; large-scale projects through intergovernmental agreements and bilateral agreements, where we can purchase much cheaper electricity for a long time." Bayraktar stated that there were long negotiations on the agreement, saying, "Today we have finally signed.

Essentially, the scope of the project is approximately 5,000 megawatts.

The first part we signed today includes 2,000 megawatts of solar projects.

One thousand megawatts will take place in Sivas, and one thousand megawatts will occur in Karaman Taşeli." Bayraktar emphasized that the agreement is of historical importance for Turkey, stating, "We are purchasing the electricity produced here, especially for the project in Taşeli, at a price of 1.995 euro cents per kilowatt.

Turkey will purchase electricity at this price for approximately 25 years.

This means we will buy electricity at the lowest price we have ever seen in Turkey and offer it to consumers and citizens in Turkey." Bayraktar noted that electricity will be purchased from the plant to be built in Sivas at a rate of 2.3415 euro cents for 25 years.

Minister Bayraktar stated, "This 2,000 megawatt first phase project means an investment of approximately 2 billion dollars.

This also means direct foreign financing coming to our country.

Some of this will be sourced from local resources, and some will be provided by international financial institutions." He explained that they aim for about 50% localization in the project, saying, "With these signed agreements, we aim to implement a project that can meet the electricity needs of approximately 2.1 million households." Bayraktar expressed that they will lay the foundation of the project in 2027, aiming to complete the first phase by the end of 2027 and the entire project by 2028 and 2029.