Antalya/Turkiye, November 10 (QNA) - Saudi Arabia and Turkiye signed a memorandum of understanding (MoU) to cooperate on electricity projects, building on a renewable energy cooperation agreement between the two countries to develop projects with a combined capacity of 5,000 megawatts.

The MoU was signed by Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and Turkish Minister of Energy and Natural Resources Alparslan Bayraktar, in the presence of Turkish President Recep Tayyip Erdogan, on the sidelines of the 31st UN Climate Change Conference (COP31) in Antalya.

The agreement, signed on February 3 and effective since October 21, provides for implementation in two phases through ACWA Power, the Saudi-designated investor, with capacities of 2,000 megawatts in the first phase and 3,000 megawatts in the second.

The first-phase projects have made progress, while preparations for the second phase have reached advanced stages. The latter includes wind power plants, high-voltage direct current transmission infrastructure and battery energy storage systems.

The investments are expected to boost Turkiye's renewable energy capacity, strengthen and improve the resilience of its electricity grid, and expand Saudi-Turkish cooperation in energy and investment. (QNA)