Saudi Arabia’s $2 Billion Solar Plan Lifts Turkish Energy Stocks

Saudi Arabia will invest around $2 billion to build solar power plants in Turkey, in the first stage of a broader renewable-energy deal between the countries. Turkish energy stocks rose on the news.

Saudi companies will initially develop solar projects capable of generating 2,000 megawatts in Turkey’s Sivas and Karaman provinces, followed by 3,000MW of additional wind and solar capacity to be finalized later, according to an intergovernmental agreement signed in Riyadh on Tuesday.