Turkish conglomerates Kalyon Holding and Cengiz Holding, Qatar-based UCC, and US-based Power International have signed an energy investment agreement worth $7 billion in Syria.
In the presence of Syrian President Ahmad al-Sharaa, a strategic cooperation agreement was signed between the Syrian Ministry of Energy and the companies on Thursday.
Under the agreement, natural gas power plants with a total installed capacity of 4,000 megawatts and a solar power plant with an installed capacity of 1,000 megawatts will be built in Syria.
The power plants covered by the project are expected to be launched gradually.
The natural gas power plants are expected to be completed within three years, while the solar power plant is expected to be built within approximately two years.
This large-scale investment will not only increase Syria's energy supply security but also make a strong contribution to environmental sustainability goals and the regional development vision.
With the completion of the power plants, which will have a total installed capacity of 5,000 megawatts, annual electricity production of approximately 35 billion kilowatt-hours is projected to meet a significant portion of Syria's electricity needs.
- 'We are witnessing a historic moment in energy sector'
Syrian Energy Minister Muhammad Bashir said in his speech at the signing ceremony: “Today, we are witnessing a historic moment that represents a turning point in Syria's energy and electricity sector.
"We are rebuilding the devastated infrastructure in this important sector."
This agreement strengthens regional cooperation and integration in the energy sector and helps the country promote clean and renewable energy projects, the minister said.
"At the same time, we would like to thank the companies involved in this important project, each of which is a leader in its sector," he added.
US ambassador to Ankara and special representative for Syria, Tom Barrack, also said President Donald Trump made a bold decision on May 13 to lift sanctions on Syria.
Speaking after the signing ceremony, Cemal Kalyoncu, chairman of Kalyon Holding, said: "With our engineering strength, management experience, and solution-oriented approach, we aim to contribute to Syria's energy supply security.
"We believe this collaboration will support regional development and stability, and we hope it will be beneficial for all parties."
By Omer Koparan, Can Efesoy and Muhammed Karabacak
Anadolu Agency