UAE to invest in renewable energy projects of 3 GW in Turkey

The United Arab Emirates’ sovereign investment fund ADQ inked a strategic cooperation agreement with the Turkish Presidency Investment Office that includes 3 GW in renewable energy projects.

A series of bilateral investment deals and memorandums of understanding were signed in Turkey during the official visit of Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.

The two sides agreed on cooperation in areas including the environment, finance and trade. Al-Nahyan met with Turkish President Recep Tayyip Erdoğan and attended a signing ceremony.

The United Arab Emirates’ sovereign wealth fund Abu Dhabi Development Holding or ADQ signed a strategic cooperation agreement with the Turkish Presidency Investment Office on direct investments and cooperation in the fields of petrochemicals, technology, transportation, infrastructure, healthcare, financial services, the agrifood sector and energy, including the existing and new projects for renewables of up to 3 GW in Turkey.

ADQ also inked a cooperation agreement with Kalyon Holding in the fields of energy, infrastructure and transportation.

The fund’s Chief Executive Officer Mohamed Hassan al-Suwaidi said the UAE has allocated USD 10 billion for investments in Turkey.

Kalyon has a solar panel factory in Ankara. It is also building the biggest photovoltaic plant in the country. Solar park Karapınar will have a peak capacity of 1.35 GW when it is finished. It translates to 1 GW in alternating current (AC), the maximum that the facility in Konya province will be able to deliver to the transmission network.