$7 Billion Strategic Energy Investment in Syria
Kalyon Holding, which implements global-scale investments both in Türkiye and abroad in many sectors including energy, infrastructure, and transportation, has signed off on another major energy investment in Syria.
- World
- Published Date: 11:38 | 29 May 2025
- Modified Date: 11:53 | 29 May 2025
In the presence of Syrian President Ahmed Shara, a strategic cooperation agreement worth 7 billion dollars was signed on Thursday between the Syrian Ministry of Energy and Kalyon Holding and Cengiz Holding from Türkiye, UCC from Qatar, and Power International from the US.
Under the agreement, a consortium including Kalyon Holding will build natural gas combined cycle power plants with a total installed capacity of 4,000 MW in the Traifawi, Zayzoun, Deir-Azzour, and Mehardeh regions of Syria, as well as a solar power plant with an installed capacity of 1,000 MW in the Wedian Alrabee area.
The power plants involved in the project are planned to be commissioned gradually. The natural gas plants are expected to be completed within three years, while the solar power plant is aimed to be put into operation in approximately two years.
This large-scale investment will not only enhance Syria's energy supply security but also make a strong contribution to environmental sustainability goals and the vision for regional development.
With the completion of the power plants having a total installed capacity of 5,000 MW, an annual electricity production of approximately 35 billion kWh is projected. This will enable a significant portion of Syria's electricity demand to be met.
In his speech at the signing ceremony, Syrian Energy Minister Muhammad Al-Bashir said, 'Today, we are witnessing a historic moment that marks a turning point in Syria's energy and electricity sector; we are rebuilding the devastated infrastructure in this crucial sector. This agreement strengthens regional cooperation and integration in the energy sector and helps us promote clean and renewable energy projects. At the same time, we thank each of the leading companies in their fields involved in this important project.'
The U.S. Ambassador to Ankara and also the U.S. Special Representative for Syria, Thomas Barrack, said, 'Moments like these don't happen often, and all efforts by the U.S. administration are in the interest of the new Syrian government. On May 13, President Donald Trump made a bold decision to lift sanctions on Syria. I convey President Trump's regards and reaffirm his determination to support the Syrian government. The sight of the flags of the four countries flying side by side is very valuable to us.'
Speaking after the signing ceremony held at the Syrian Presidential Palace, Kalyon Holding Chairman of the Board Cemal Kalyoncu said: 'As a domestic and national company, Kalyon Holding has strived to meet the needs of our country in the best way and proudly represent it internationally by combining the accumulation and experience we have gained over 81 years with our qualified human resources, knowledge, and technological strength through the projects we have implemented. In this regard, we have signed many mega projects that have made an impact both in our country and internationally.'
"Through the investments we have made, we have supported domestic and renewable energy production in our country, making significant contributions to Türkiye's energy independence and the world's green transformation. We brought to our country the Karapınar Solar Power Plant, the largest in Europe, and Kalyon PV, one of the few fully integrated production facilities in Europe and the world. To date, we have invested over 2 billion dollars in renewable energy. Over the next three years, we plan to invest more than 1 billion dollars." Kalyoncu added.
"Following our investments in Romania, we are now pleased to be part of such a comprehensive project in the neighboring country Syria, together with our valued business partners. With our engineering strength, management experience, and solution-oriented approach, we aim to contribute to Syria's energy supply security. We believe this cooperation will support regional development and stability, and we wish it to be beneficial for all parties involved." the chairman further stated.