In February 2026, an agreement to develop two solar plants in Turkiye illustrated Saudi Arabia’s expanding energy diplomacy. A country whose global economic presence has long rested on oil exports is now entering decades-long partnerships to generate electricity abroad. ACWA Power’s agreement with its Turkish counterparts envisages two gigawatts of solar capacity in Sivas and the Taşeli region of Karaman, as the first phase of a five-gigawatt framework. The projects remain under development, but the relationship extends from energy trade into infrastructure investment.

For Riyadh, the strategic question is how to translate oil-sector leverage, investment capital and project delivery into durable relationships that can withstand market shifts and political tensions.

For Riyadh, the strategic question is how to translate oil-sector leverage, investment capital and project delivery into durable relationships that can withstand market shifts and political tensions.

Connecting capital with national strategy

Aramco and ACWA Power have different corporate structures and business models, but their activities sit within Saudi Arabia’s broader energy strategy and Vision 2030. The Public Investment Fund (PIF) provides one institutional connection between them.

According to ACWA’s 2025 annual report, PIF is its largest shareholder, with a 44.16 per cent stake. Aramco’s annual report records direct government ownership of 81.48 per cent, while PIF and its subsidiaries collectively hold 16 per cent. These structures establish clear state links, although attributing individual overseas contracts to direct foreign-policy instructions would require separate evidence.

Their strategic significance lies in the potential to........

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