With a Foreign Investment Valued at $7 Billion, the Syrian Government Has Signed a Strategic MOU With a Consortium of International Companies

Damascus: Under the patronage of His Excellency Ahmed Al-Sharaa, President of the Syrian Arab Republic, the  Syrian government has signed a strategic Memorandum of Understanding with a consortium of  international companies led by UCC Holding to develop major power generation projects, with a  foreign investment valued at approximately $7 billion. 

This initiative aligns with the national agenda to rebuild Syria’s core infrastructure, enhance energy  security, and support economic development. It reflects the President’s clear direction toward  establishing a development model based on self-reliance, regional cooperation, and long-term  sustainability. 

The signing ceremony took place in Damascus, in the presence of Mr. Tom Barrack, US Special  Envoy for Syria; His Excellency Khalifa Abdullah Al Mahmoud Al Sharif, Chargé d'Affaires at the  Qatari Embassy in Damascus; and His Excellency Burhan Koroglu, Turkish Ambassador to Syria. 

The agreement was signed by Mr. Mohamed Moutaz Al-Khyyat, Chairman of UCC Holding; Mr.  Mehmet Cengiz, Chairman of Cengiz Energy; Mr. Orhan Cemal Kalyoncu, Chairman of Kalyon  Energy; and Mr. Mazen Al-Sbeti, CEO of Power International USA. 

The signing was also attended by a number of managers and representatives from the companies,  including Mr. Ramez Al-Khyyat, President & CEO of UCC Holding; Mr. Mohamed Al-Khyyat, Board  Member of UCC Concessions Investments; Mr. Ahmet Cengiz, Vice Chairman of Cengiz Energy; and  Mr. Lutfi Elvan, CEO of Kalyon Energy." 

The consortium is led by UCC Holding, through its subsidiary UCC Concessions Investment, a Qatari  company specializing in energy concessions and Construction. The consortium includes: 

• Power International USA LLC– American company specializing in strategic energy investments 

• Kalyon GES Enerji Yatırımları A.Ş. – Turkish renewable energy investor and developer 

• Cengiz Enerji San. ve Tic. A.Ş. – Turkish energy development and operation company 

This strategic alliance reflects the vision and leadership of His Highness Sheikh Tamim bin Hamad  Al Thani, Amir of the State of Qatar, in supporting Syria’s economic recovery and contributing to the  reconstruction of a renewed Syrian state through impactful initiatives aimed at energizing the  national economy and advancing the country’s path toward power self-sufficiency. 

The agreement covers the development of four combined-cycle gas turbine (CCGT) power plants in  Traifawi (Homs), Zayzoun (Hama), Deir-Azzour, and Mehardeh (Hama), with an approximate installed  generation capacity of 4,000 MW, using American and European technologies, and a 1,000 MW solar  power plant in Wedian Alrabee, located in the southern region of Syria.

These projects will be implemented under Build-Own-Operate (BOO) and Build-Operate-Transfer  (BOT) models with the corresponding power purchase agreements.

Construction is expected to begin  following final agreements and financial close, with completion targeted within 3 years for the gas  plants and less than 2 years for the solar plant. 

Mr. Tom Barrack, US Special Envoy for Syria, said: "This agreement represents a landmark step in Syria’s path to reconstruction and energy security. As  President Trump said, we are working with our partners for a prosperous and stable Syria at peace with itself and its neighbours. 

This partnership is a key step towards that goal, along with the  President’s lifting of US sanctions against Syria. This consortium, led by Qatar, will promote  stability, infrastructure development, and economic recovery and deliver tangible results for the  Syrian people. As President Trump has said, and Secretary Rubio is implementing, our goal is to  enable “commerce, not chaos.” 

His Excellency, Mohammed Al Bashir, Minister of Energy of the Syrian Arab Republic said: "This agreement marks a crucial step in Syria’s infrastructure recovery plan. It will strengthen our  national grid, expand access to electricity, and help meet growing demand through partnerships that  combine international expertise with local priorities." 

Mr. Ramez Al Khayyat, President and Group CEO of UCC Holding said: “This MoU reflects our vision for sustainable and impactful infrastructure development in the region.  We are proud to lead this initiative through our concession arm, in collaboration with our consortium  partners. These projects represent a model of effective public-private partnership, integrating both  conventional and renewable power solutions to support Syria’s energy transition and long-term  economic resilience. 

Cemal Kalyoncu, the Chairman of Kalyon Holding, stated: "As Turkiye’s largest investor in renewable energy, we are proud to contribute to the development and  improvement of the infrastructure of our neighboring country, Syria, through this project."

Mr. Mehmet Cengiz, Chairman of Cengiz Holding said: "As leading private energy companies in Turkiye, we bring a quarter-century of experience in building  and operating power facilities across multiple regions. We are confident this partnership will deliver  reliable and efficient power solutions for Syria." 

Upon completion, the projects are expected to supply over 50% of Syria’s national electricity needs,  representing a transformative leap toward energy security, economic revival, and infrastructure  resilience. 

This initiative goes beyond grid stability, aiming to deliver widespread social and economic impact  through: 

• End power shortages by increasing generation capacity to meet the growing demand of  households, industries, and businesses. 

• Drive economic growth by providing reliable energy to critical sectors such as industry,  agriculture, healthcare, and education. 

• Create thousands of jobs in construction, engineering, and long-term operations, contributing  to workforce development. 

• Improve daily life through enhanced public services, education systems, and overall quality of  life. 

• Enable regional integration by opening channels for future cross-border energy trade.

• Support the transition to renewables by laying the foundation for large-scale solar and clean  energy projects. 

Together, these developments mark a pivotal contribution to Syria’s rebuilding journey and long-term  prosperity.