Abu Dhabi-based renewable energy giant Masdar is in the final stages of closing a $1 billion investment in Turkey, marking a significant step in the growing economic partnership between the two nations. The deal was discussed in a recent meeting between Turkish Energy Minister Alparslan Bayraktar and a Masdar delegation led by CEO Mohamed Al Ramahi.
The Nigde Bor Solar Project
The centrepiece of the investment is a 1,100-megawatt pumped-storage solar power plant located in Turkey’s Nigde Bor region. Valued at approximately $1 billion, this project represents a substantial commitment to advancing Turkey’s renewable energy infrastructure. The initiative will focus on solar and pumped-storage hydroelectricity, a key technology for grid stability and energy storage.
Expanding Strategic Energy Partnership
Beyond the Nigde Bor project, discussions between Masdar and Turkish officials have laid the groundwork for a broader energy collaboration. Potential future ventures include developing offshore wind farms, implementing high-voltage direct current (HVDC) transmission systems, and establishing additional pumped-storage hydroelectric facilities. This expanding partnership underscores a shared vision for technology transfer and sustainable energy development.
Bolstering UAE-Turkey Economic Ties
This landmark energy deal is a key component of the comprehensive $51 billion agreement signed between the UAE and Turkey in July 2023 during President Tayyip Erdoğan’s visit to the Gulf. The strengthening economic relationship is further supported by a bilateral currency-swap agreement between the two countries’ central banks and a Comprehensive Economic Partnership Agreement (CEPA) signed in March 2023. The CEPA aims to boost non-oil bilateral trade to $40 billion within five years, a goal supported by the 65% year-on-year increase in Turkey’s exports to the UAE in the first half of 2025.
About Masdar
Abu Dhabi Future Energy Company – Masdar is the UAE’s clean energy champion and one of the largest companies of its kind in the world. It is advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Active in over 40 countries, Masdar is a key enabler of the UAE’s vision as a global leader in sustainability and a net-zero partner to the world.
Source: AGBI
