Putin says Turkish companies ready to take stakes in Akkuyu nuclear plant

Russian President Vladimir Putin said some Turkish companies are ready to buy stakes in the Akkuyu Nuclear Power Plant, valued at approximately $25 billion, adding, "We would welcome this."

Russian President Vladimir Putin said Turkish investors are ready to become partners in the Akkuyu Nuclear Power Plant in Mersin. Interfax reported that Putin said on Wednesday, "Some Turkish companies are ready to buy stakes," adding, "We would welcome this."

Putin said the project is worth approximately $25 billion.

General view of the Akkuyu Nuclear Power Plant (archive)

Rosatom may sell up to a 49% stake

The plant is being developed by Rosatom, Russia's State Atomic Energy Corporation, which is currently its sole owner. Russia is financing the project. Under the agreement, Rosatom may transfer up to a 49% stake to a partner.

Rosatom announced in April that it had begun new talks with Turkish companies on joint ownership. Rosatom Director General Alexey Likhachev also said in early October that progress had been made in the negotiations.

First unit targeted for commissioning by year-end

The Akkuyu project was launched under an agreement signed between Türkiye and Russia in 2010, and construction began in 2018. The plant will have four Russian-designed VVER-1200 reactors, each with a capacity of 1,200 megawatts. The commissioning schedule, initially set for 2023, has been postponed several times.

Rosatom expects the first reactor to achieve its first self-sustaining chain reaction before the end of the year. Energy and Natural Resources Minister Alparslan Bayraktar also met with Rosatom executives in Istanbul on October 24 and said work was underway to commission the first unit by the end of the year.

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